As the over 50s begin to approach their retirement there are a number of considerations which have to be made. With so many decisions to make does this vulnerable group need more information in order to help them make the best decisions?
As people begin to approach the end of their employed lives there are a number of things which they have to consider. The change in their income will mean that they will begin to draw pensions and this will mean that they must face a subsequent change to their finances. In order to cope with this, the over 50s need to be aware of the types of retirement planning which are available, helping them to make the best decisions.
Retirement planning is the best way for older generations to secure their financial futures. It will typically offer them ways to increase their cash flow in order to make them more financially comfortable. Other products, such as life insurance, are also typically offered in order to give individuals peace of mind in their later years.
Pensions
Pensions are often the main form of income for those past retirement age, with both state and private pensions being available. The inflation rate of state pensions is currently determined by the Consumer Price Index (CPI) instead of the Retails Price Index (RPI) which is experiencing faster rates of growth.
The difference between these two indexes has recently averaged at around 0.75% but the Office for Budget Responsibility (OBR) suggests that this could widen. The change over inflation proofing for pensions has been said to cause outrage, according to the BBC.
The change is just one of a number of ongoing debates surrounding state pensions and could demonstrate how the over 50s need more information about their future finances and retirement plans.
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