{"id":9889,"date":"2022-12-15T10:25:34","date_gmt":"2022-12-15T10:25:34","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=9889"},"modified":"2022-12-16T10:44:39","modified_gmt":"2022-12-16T10:44:39","slug":"looking-to-retire-early-theres-lots-to-think-about","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/12\/15\/looking-to-retire-early-theres-lots-to-think-about\/","title":{"rendered":"Looking to retire early? There\u2019s lots to think about"},"content":{"rendered":"
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It is the\ndream of many to retire early. Indeed, 270,000 people in their 50s and 60s left\nthe UK workforce during the COVID-19 pandemic, according to the Institute for\nFiscal Studies.<\/strong><\/p>\n<\/div>\n\n

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Concerns\nabout retirement poverty<\/strong><\/p>\n<\/div>\n\n

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However, two\nthirds of people aged 50\u201370 who quit work or lost their job during the pandemic\nleft the workforce earlier than expected1<\/sup>. This means that they\nmight not have the funds they need for a longer- than-anticipated retirement,\nsparking concerns that they could face poverty later in life. Of particular\nconcern is the financial impact of accessing your pension too early, with\nresearch2<\/sup> showing that doing so before reaching State Pension age\ncould reduce your pot by 59% on average.<\/p>\n<\/div>\n\n

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Compounding the\nissue is the fact that those who now want to re-enter the workforce are finding\nit difficult to get rehired. According to research from the Centre for Ageing\nBetter, unemployed over-50s are twice as likely to be out of work for 12 months\nor more, than their younger counterparts.<\/p>\n<\/div>\n\n

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Many factors\nto consider<\/strong><\/p>\n<\/div>\n\n

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Early\nretirement may be enticing, but it certainly bears thinking about. Before\nacting, it is always a good idea to take financial advice and think carefully\nabout the following factors:<\/p>\n<\/div>\n\n

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\u2022             Do you know how much you\u2019ll need to\nlive comfortably in retirement?<\/p>\n<\/div>\n\n

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\u2022             If so, do you have enough in your\npension pot for the lifestyle you want?<\/p>\n<\/div>\n\n

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\u2022             Do you have savings or any other\nsource of income?<\/p>\n<\/div>\n\n

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\u2022             Do you still have a mortgage or any\nother outstanding debt you are still liable for?<\/p>\n<\/div>\n\n

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\u2022             Could working for just a few more\nyears offer you valuable financial security?<\/p>\n<\/div>\n\n

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Whatever your\ngoals for retirement, we\u2019re here to help you get into the best possible\nfinancial position for later life.<\/p>\n<\/div>\n\n

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1<\/sup>ONS, 2022<\/p>\n<\/div>\n\n

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2<\/sup>Canada\nLife, 2022<\/p>\n<\/div>\n\n

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The value\nof investments can go down as well as up and you may not get back the full\namount you invested. The past is not a guide to future performance and past\nperformance may not necessarily be repeated.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

It is the dream of many to retire early. Indeed, 270,000 people in their 50s and 60s left the UK workforce during the COVID-19 pandemic, according to the Institute for Fiscal Studies. Concerns about retirement poverty However, two thirds of people aged 50\u201370 who quit work or lost their job during the pandemic left the […]<\/p>\n","protected":false},"author":12,"featured_media":9890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9889"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=9889"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9889\/revisions"}],"predecessor-version":[{"id":9893,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9889\/revisions\/9893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/9890"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=9889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=9889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=9889"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=9889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}