A Cumbrian financial management firm is running a series of workshops for businesses to help their staff prepare for retirement, as more workers change their plans in the face of the pandemic.
A survey of 6,000 workers in their fifties or above by the Institute for Fiscal Studies revealed that 13 per cent had changed their retirement plans due to the pandemic, with eight per cent planning to retire later and five per cent planning to retire earlier.
Liz Beavis, managing director of Financial Management Bureau (FMB), in Kendal, said it had been helping people navigate the often-complex questions around their retirement which have been thrown up in the last 12 months.
“We’ve heard about so many people having a bit of an epiphany,” Liz said.
“Some realised how much they missed the workplace and decided to stick around a bit longer, others have found they actually quite enjoy being at home with their partners and so decided this was the time to retire.
“Unfortunately, there have also been those who have had no choice but to delay retirement. This may be because the sale of their business has been delayed or they’ve had to dip into their pension to help their children.”
FMB often runs Retirement Readiness workshops for larger employers who have a number of people approaching retirement.
It has organised a series of free online events in July, September and October which will make it easier to include smaller businesses with fewer staff.
Topics covered will include tax and National Insurance, state benefits, different types of personal and company pensions, budgeting, forward planning and cashflow modelling and being prepared for life changes.
People can book their place via FMB’s website at www.finman.co.uk
