Whether you’re due to retire soon, or in a couple of years, preparing for retirement can bring up many unanswered questions.
To help future retirees looking for clarification, life insurance broker Reassured, with the help of Kareem Rathore, Partner at Hoxton Capital Management, has answered some of Google’s most asked questions surrounding retirement from the last 12 months.
Some of the most asked questions and expert answers can be found below, with a full breakdown available onsite: https://www.reassured.co.uk/top-10-most-googled-retirement-questions/
What is the retirement age? (7,200 monthly searches)
In August 2021, 12.4 million Brits were receiving state pension, but what is the retirement age in the UK? Over the last 12 months, this question has received over 7,000 monthly searches, and although the retirement age to receive state pension is 66 years, many retire sooner, while others work beyond that age.
However, there is a different retirement age for women born between 1954 and early 1961, so, this is another most Googled question. Women born before 1961 can retire at 65, but for anyone born after that year, the retirement age of 66 still applies.
What qualifies for ill-health retirement? (3,000 monthly searches)
The question ‘what qualifies for ill-health retirement?’ has received 3,000 monthly searches over the last year. Under certain circumstances, it is possible to retire due to ill health and it is important to be prepared for a scenario in which you may not be able to do your job due to an unforeseen medical condition. So, what exactly qualifies a worker to retire due to ill health? In general, any physical and/or mental conditions that make you incapable of continuing your job permanently may enable you to retire before you turn 66. However, it is important to confirm this with your pension scheme provider.
How much do I need to save for retirement? (1,900 monthly searches)
Considering the retirement age of 66 years and average life expectancy of about 81 years, you should plan to live off your pension for at least 20 years. This question of saving receives around 1,900 monthly searches, but it’s difficult to find just one answer. Ideally, you want to save as much as possible, but how much you should save depends on your lifestyle and your own expectations as to what you’d like to do after retiring.
What to do in retirement? (1,700 monthly searches)
‘What to do in retirement?’ receives 1,700 monthly searches on average, making this the seventh most Googled question among our top 10. And the answers couldn’t be broader – from going on cruises to learning new hobbies, almost anything is possible. Why not start a yoga class to keep fit? Or take up voluntary work within your local community.
What is a graduated retirement benefit? (1,300 monthly searches)
You may have paid towards a graduated retirement benefit between 1961 and 1975, which was calculated on your graduated contributions paid on earnings back then. If this is the case, you will receive this bonus with your pension. However, this is no longer an option offered today, although 1,300 people have been searching for information on graduated retirement benefits on a monthly basis over the past year.
How many hours can I work after retirement? (1,100 monthly searches)
Another question people have taken to Google for answers is “how many hours can I work after retirement?”. There is no age at which you must retire, so if you feel like working is the only way to keep you busy, you may continue working for as long as you wish.
Commenting, Phil Jeynes, Director of Corporate Strategy at Reassured, says:
“Many people at or near retirement age take out some life insurance to make sure their loved ones have financial security when they pass away. Policies such as Guaranteed Over 50s Life Cover are specifically designed for this purpose, giving those in their 50s, 60s and beyond added peace of mind.”
To understand more about retirement as well as answers to other commonly asked questions, visit: https://www.reassured.co.uk/top-10-most-googled-retirement-questions/