🔴 People on low incomes are being forced to reduce their pension contributions as the cost of living crisis continues, experts have warned
Reducing or halting payments into a workplace or personal pension may free up some cash in the short-term forand day-to-day living, but people may suffer down the line when they need a decent income to retire, advisers say.
Martin Willis, of the Society of Pension Professionals, said pension providers had initially indicated contribution levels were being maintained but now “this does seem to be changing”. “It’s also important to differentiate between short-term and long-term considerations – the current economic climate does not change the fact that even before this, many weren’t saving enough for retirement and any reductions should ideally be short-term with a view to increasing saving for retirement in the long-term.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Older people reaching State Pension age may be due huge range of extra benefitsPeople reaching State Pension age this year may be eligible for huge range of extra benefits
Weiterlesen »
People urged to wear masks and stay home - what people had to sayNottinghamshire Live asked people their thoughts on the advice which was once a mandatory requirement at the height of the coronavirus pandemic
Weiterlesen »
DWP urges State Pension claimants to check for £3,500 annual income boost letterA successful claim for Pension Credit from the Department for Work and Pensions (DWP) could also qualify for the £900 means-tested cost of living payment due in 2023/24.
Weiterlesen »
PIP and pension claimants to get up to £1.5k a month under new rulesIncreases will be made to PIP and State Pension payments in the new financial year
Weiterlesen »
DWP warning more than 850k households to miss £900 cost of living paymentIt is thought that around 850,000 households do not claim pension credit - despite being eligible
Weiterlesen »
WASPI women forced into debt as DWP faces new State Pension backpay callOne MP called the latest figures a 'tragedy' and urged the Government to address the issue
Weiterlesen »