Ageism Playing a Hand on Your Retirement Future

havenifa

havenifa


Posted on: 31st March 2021

2021 is a year where some figures are surprising and some devastating, as the fallout from the pandemic continues to show its aftereffects on different businesses, employment opportunities, specific age groups and the future of retirement.

Older Generation, New Problem

The overall number of 50–64-year-olds currently out of work has climbed since the pandemic shook the world, and experts are labelling ageism in recruitment as a factor that prevents this certain age group in finding gainful employment or returning to work at all. This has left older workers trapped in jobs that provide insecurity, unable to find new jobs or forced into early retirement.

17% of individuals have claimed that they have experienced ageism and had that as the reason they have not found employment, whereas a further 36% believe they are at a disadvantage due to their age in applying for jobs. This also includes a third that has been informed of their unlikeliness for successfully attaining a job due to having too much experience.

Jump to Early Retirement

Ageism can be severe, affecting health and wellbeing and overall confidence. This has led to a third heading into early retirement due to being the one group suffering the most from the economic downfall.  Whilst this has led to many seeking early retirement, some have opted to take the time to learn a new trade at a late age in order to continue working for themselves.

Naturally where these hits the hardest is in the lead-up to retirement, the retirement age and state pensions age changing, and more senior individuals needing to navigate through the process with no certainty of solid earnings.

Seeking Advice

Many choose this time to re-evaluate their financial focus towards retirement and alter their plan. In talking with independent financial advisers in Cheshire they have been looking at the landscape in regards to their pension advice in Manchester and their overall retirement planning in Cheshire.

This has also proven to be a smart move as financial advisers have a more thorough outlook of the marketplace and the happenings in regulations and help that is available, instead of a quick look on Google that provides masses of misinformation.

Naturally, it is a very frustrating time that offers a lot of uncertainty, but financial guidance is always available in any circumstance, especially if you are using this moment in time to undertake a long-gestating venture.

For guidance on your pensions, retirement and financial future, contact the team at Haven IFA today to discuss the future of retirement.