Partner Article

Redundancy has wide-reaching consequences for over-50’s

New research shows that over-50s workers made redundant are most likely to have to take a pay cut in order to get a new job.

Key Retirement Solutions found that 77% of over-50s made redundant in the past three years took a pay cut in order to get back into work, 45% of which were forced to take a “considerably lower” salary.

These figures will be especially worrying for many, especially after government plans to increase the retirement age for women to 65 in 2018 and 66 for everyone in 2020 were publicised today.

These measures could make it difficult for people in their 50s to secure their retirement finances, and could also mean that debt is carried through into old age.

Key Retirement Solutions have seen a growing trend of 50-plus customers enquiring about equity release after suffering redundancy, with over 1 in 4 equity release plans taken our before age 65 in Q1 of 2011.

Dean Mirfin, Group Director at Key Retirement Solutions said:

“Redundancy is tough at any age but the younger you are the longer you have to bounce back. We’d urge anyone made redundant in their 50s to take a careful look at their finances and to get advice.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .