Thousands of over 50s are pushed out of workforce every year | Personal Finance | Finance

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“As an industry, we also need to encourage people to prioritise saving throughout their working life, so finances have time to grow, enabling retirees to enjoy their desired standard of living.”

When it comes to how this affects peoples’ retirement savings, the impact is significant.

According to the findings, the gap between estimated annual retirement income and the minimum level of income required for a comfortable lifestyle reduces by 18 percent, or £1,900 annually, for those who have been made redundant.

For employees over 50 who have experienced reduced hours, a wage cut, furlough or redundancy, it’s estimated they miss out on £3,100 per year.





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