When Should We Start Discussing Retirement?

At the start of December, a landmark event for those planning to retire occurred almost without anyone noticing. The 6th of December was the first day that someone turning 65 was no longer eligible to collect their state pension but would have to wait; see https://www.yourpension.gov.uk/when-will-i-get-it/ for more specific details. The State Pensionable age is going to rise in phases until between 2037 and 2039 it equalises at age 68 for all.

If you are a UK citizen and interested in finding out when you will be eligible for your state pension you can also go the following Government page: https://www.gov.uk/state-pension-age

On the 6th of December, the Centre for Better Ageing published a new report indicating that a significant number of people are worried about leaving work which highlights a lack of planning and preparation for retirement across society. Unfortunately, that’s not a new finding but what is worrying is that the poorest prepared are those on the lowest incomes. It also shows that women tend to engage in planning for life after paid work even less than men.  Very concerning when you consider the current Women Against State Pension Inequality (WASPI) campaign and the continuing plight of women born during the 1950’s.

The Centre for Ageing Better is calling on employers to consider the role they play in improving peoples’ transition into retirement and to provide their staff with a supportive environment in which to discuss, plans and prepare for retirement.  The government should also play its part by promoting existing guidance and support employers to have more open workplace discussions about age and provide employees with the tools they need to plan their transition towards retirement.

You can see their full report at  https://www.ageing-better.org.uk/news/transition-to-retirement-rapid-evidence-review

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