In your 40s? Your pension age might be changing
More than four in five people in their 40s are unaware that the age at which they can access their pension might be about to change, according to research from the Pensions Management Institute (PMI)* .
Numbers game
The normal minimum pension age (NMPA) is set to move from 55 to 57 in 2028, which will mean millions have to wait an extra two years to access their retirement funds. However, public service pension scheme members and some private sector scheme members will be exempt. After learning about the change, almost four in ten respondents said they expected to be impacted, while a further one in four were unsure whether the change would apply to them or not.?
Pensions advice
Despite the importance of proper pension planning, only 14% of respondents have discussed their retirement plans with a financial adviser, the same research found. The PMI thinks that a wider discussion about pensions is needed, given that only 4% of respondents knew the current NMPA. PMI President Lesley Alexander called the research “particularly worrying.” She commented, “The failure to communicate the change to NMPA effectively is complicated by the fact that it does not apply to everyone. This means it is vital that the general public understands clearly what their retirement choices are.”
*PMI, 2022
How To Wreck Your Business, the #1 Amazon Best Seller. That was my story, a true story, a HORROR story, do NOT make it your story. Learn the avoidable mistakes I made that cost me that multi-million pound business.
2 年You can't take this serious enough. I "thought" I had all this sorted with business property assets and investments. Sadly, I never knew Phil Anderson at this point. The result - the business property assets (￡1.4m in 2010) were lost with the business (all covered in the book How To Wreck Your Business). The other investments included schemes that were VERY high risk for sophisticated investors which paid the broker very high commissions. Today, they are worthless. For me at 56, that means working until the day I die (tough shit, my choices, such is life). My advice, GET THE ADVICE. Financial advice from the right people is worth its weight in gold. Jeez, it would be great to go back to 2005 and read this post.