It is commonplace for the over-50’s to gradually leave the labour market, but 500,000 fewer are currently in work than was predicted prior to the pandemic, leaving a significant gap in experienced workers for many businesses. Giving up employment on impulse when juggling a range of responsibilities, including helping elderly parents, without a plan can adversely impact not only your finances, but also your wellbeing. Many older people feel under-valued by their employer, consequently, having a mid-life MOT is useful to assess future prospects, both for continuing –and developing -your career and whether retirement is the best option without a strategy which addresses all your commitments and interests, and fully understanding the potential financial impact. Recognising the problem, and faced with potentially losing up to a third of their staff, some firms have introduced online MOTs, giving their employees the freedom to examine issues in private with a view to detailed discussion with trained personnel teams if desired. After a series of trials, the Department for Work & Pensions is now investing £5 million in MOTs through job centres and face-to-face reviews, to encourage people to stay in employment for longer, perhaps adapting to different roles, and more flexible hours, whilst assessing future finances to meet lifestyle aspirations. For some people, Equity Release could be the solution to ensuring a comfortable retirement, there’s a number of uses for equity release including releasing funds for home improvements to reduce energy costs, pay for travel or secure a beach hut for family and friends.
Premier Equity Release have experienced advisers with the knowledge to identify the most appropriate strategy to meet individual circumstances. Just give us a call on 0808 1691979.
15th November 2022