According to Bloomberg.com many individuals that are set to retire this year may be forced to keep right on working.

 

A survey finds that, two-thirds of people starting their retirement this year do not expect to give up work completely as living costs continue to rise.

__________________________________________

​

Of those who plan to reduce their hours or get a part-time job in retirement, fewer than three in 10 (28%) have taken financial advice about this decision.

Colin Dyer, the client director at Abrdn Financial Planning, said: “Gone are the days when everyone had a set date or a set age from which they’ll never work again. Just a quarter (25%) of this year’s retirees feel very confident that they have saved enough to fund their retirement – compared with nearly a third (30%) of the class of 2021.

 

Colin Dyer feels a financial adviser can help assess what people need to think about and what steps to take as a result – ultimately giving them the confidence to proceed with their plans to secure their future in a way that suits them. More than a quarter (27%) of people retiring this year said they do not know how to limit the impact of inflation on their retirement income. A fifth (20%) said their main source of income will be their state pension.

 

Economist and Financial Professionals are encouraging workers to keep challenging the norms and do what works for them. Things will get better. However, times have changed and so should the way you handle your finances.

​