And now for the science …
Do you remember Jennifer Aniston advertising some well-known hair care products?
She looked beautiful, relaxed and happy, all thanks to having confidence that her hair was perfect. And when she had attracted our attention with her lovely looks, she concluded by talking about the science which enabled her to have such great hair.
Well, money is what makes the world go round, as they say. And making sure that we have enough for a comfortable life involves many of us working – even as we get older.
Here at Silversurfers.com we have put on our sensible hats and want to tell you about some of the important things (the science bit). This will help make you feel good about working as you get older because you’ll know the facts.
Working as you get older
Because we’re living longer, many of us are working longer too. Be assured that there is help and support available for older workers in place to make sure that working longer not only helps increase the amount of money you have, but benefits your health and well being too.
For example, did you know that you have a right to request flexible working? As long as you have been working for the same employer for 26 weeks, anyone (not just parents or carers) can request flexible working such as working from home, job sharing or going part time. This is great if you have other commitments with friends or family which you want to continue with.
The government published “Fuller Working Lives – A Partnership Approach” on 2 February 2017, which aims to increase the retention, retraining and recruitment of older workers. Older worker have a wealth of knowledge and skills (we knew that already!) and employers will need to hire them to maintain labour supply and gain the benefits of a multi-generational workforce.
Retirement is not compulsory! When you reach State Pension age, you can usually keep working for as long as you want to – there is no longer a set retirement age (it was 65). If you do continue to work after reaching State Pension age, you’ll no longer have to pay National Insurance.
If you carry on working after you reach State Pension age you may be able to defer your State Pension. Deferring your State Pension could increase the payments you get when you decide to claim it, this might not be the right option for everyone and it’s always worth finding out more before making any decisions.
While you’re working, keep paying into your workplace pension. If you don’t have one, you may do soon if you earn over £10,000 per year – by 2018 all employers will have to automatically enrol their eligible workers into a workplace pension scheme making it easier to save for retirement. It’s worth checking out what your workplace or private pension will offer you when you retire. The date you can claim it and the amount you get will depend on the scheme you’re been saving into. Get in touch with your pension provider to find out more.
Find out how much State Pension you could get
No matter how old you are, It’s definitely worth checking how much State Pension you could expect. You can do this quickly online using the Check your State Pension service. Initially this will require entering a few details to verify your identity.
Once logged in, you can find out how much State Pension you could get, when you could get it, and if you could improve it.
And finally …State Pension age (Now please don’t switch off!)
This is really important. You know that it’s been increasing (especially for women) but do you know what yours is? Please take a few minutes to go online and find out your State Pension age – that’s the earliest date when you are eligible to get your State Pension – it varies depending on when you were born and whether you’re a man or a woman. It takes a few seconds to check it online using the State Pension age calculator. Remember, you can still claim benefits available to working age people (such as job seekers allowance) up until you reach State Pension age.
We hope this helps you to understand the ‘science bit’. We want to make sure that our community is as well informed as possible.
A potential way to increase retirement income
If you have reached State Pension age and are looking for a way to increase your income, you could consider:
State pension top up: Is a government scheme which allows people who reached State Pension age before 6 April 2016 boost their State Pension income, by up to £25 per week in return for a lump sum contribution. The extra amount is protected against inflation, guaranteed for life and in most cases inheritable by a spouse or civil partner. State Pension top up is open for a limited period, you have until 5 April 2017 to consider if it’s right for you.
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