Have your plans for retirement been derailed by the pandemic?
People approaching retirement age were amongst those who lost jobs as a result of the pandemic. Some were self-isolating for long periods, due to vulnerabilities, and some are now not able or wanting to return to their previous occupations or full time work.
As Furlough ends, some organisations are looking to make redundancies and people may not have the same jobs to return to. Extra funding is being made available to get younger people into work, which may affect employers’ decisions about who they need to retain.
State pension age has risen in the past few years, with the current retirement age being 66, rising to 67 by 2028. For women, for whom the state retirement age was originally 60, there was limited time to start preparing for such a change much earlier in life. Some women have very poor entitlement to state pension, having little contributions record of their own and/or having invested in their partners’ pensions. People need to be aware that they have to apply for state retirement pension, it is not granted automatically and Citizens Advice can help people with claims.
Pension Wise is a free, confidential, delivered by qualified IFAs – can help people work out what’s the best way to draw down certain types of pension – only defined contribution schemes are eligible. Guidance is currently provided by telephone, but face to face services are planned to return the new year. Each appointment lasts around 45 minutes.
There are several benefits available for those under retirement age if they are not well enough to work. We can provide advice on these benefits and help to complete applications / process appeals. Find out more visit www.cadat.org.uk or call Norfolk Wide Adviceline 0800 144 8848.