Spend a day on retirement
This week we revealed our latest research into the pandemic’s impact on people’s finances, which shows that 4.8 million workers over 50 are concerned about job security due to Covid-19 pressures.
The Centre for Ageing Better also found that jobless older workers are far more likely to face long-term unemployment, so we feel this makes planning for life after work more crucial than ever. It’s clear that in such uncertain times having a strong understanding of retirement is critical, so we’re urging people to spend a day on retirement.
With incomes impacted by furlough, redundancies and wage cuts, people are dipping into savings. They’re stopping or cutting back on their pension contributions, or considering having to delay their retirement altogether.
We want to help these people, along with those who haven’t started to consider their retirement yet. I still find it incredible that people spend more time choosing a new car than on planning the final third of their lives, according to previous research we conducted.
To make retirement planning less intimidating, we’ve created a range of free resources. They make the process less of a chore and break it down into manageable chunks, which people can take on at their own pace and via their own preferred learning style.
We’ve developed a free online course with The Open University, called ‘Retirement planning made easy’, which is available on their OpenLearn platform. The course combines guidance, short videos and tools and covers various aspects of retirement planning – from budgeting, how different types of pensions work and what to do if pension income is at risk of falling short.
We’ve produced a downloadable retirement income guide, which focusses on how to get the right income and aims to help people secure financial resilience in later life. There’s also Rewirement, our podcast on modern retirement, where industry experts discuss different topics ranging from the pandemic’s effect on retirement income to financial planning.
Engaging in later life planning now can help reduce the levels of anxiety currently being felt by many older workers. If people can spend just one day planning how their life after work could look, they could achieve the colourful retirement they truly deserve. Read more here: https://www.legalandgeneral.com/retirement/campaigns/spend-a-day/?cid=SocSpendadayonretirementChrisLinkedIn001