US EditionPension warning: Britons could lose £77k in retirement savings when 'taking a break from work'
- Last week, Standard Life research warned Britons could be up to 77,000 worse-off in retirement due to career breaks and interrupted contributions.
- Analysts note pension growth relies on consistent contributions, with auto-enrolment at five per cent from employees and three per cent from employers, as Dean Butler emphasized the importance of continued savings.
- Dean Butler urged Britons to consider lasting pension impacts, stating `While dropping everything and taking time out is very tempting, and sometimes unavoidable, in reality, the financial impact can be quite stark`, and advised checking pension arrangements.
- Meanwhile, data reveal a rise in ultra-long mortgages, with some over-36s potentially paying into their seventies, according to Quilter.
- The UK Government launched a review of the state pension age and plans to revive the Pension Commission amid concerns about pension saving levels, according to DWP data.
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One-year state pension delay could cost early 50s workers over £16k - IFA Magazine
Workers aged 51–53 could be the first affected if the state pension age rise to 68 is brought forward by a year, potentially reducing their pension payments by up to £17,774, according to new calculations by Rathbones. Under current law, the state pension age will rise from 66 to 67 by April 2028, and then to 68 between 2044 and 2046. However, the government could bring this change forward as part of a newly announced review into the state pensi…
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