Nov
17
2010
Umbrella company contractors 'may need to work longer'
Posted by Daniel Frost
Contractors with umbrella companies should expect to work a further ten years in order to comfortably finance their retirement.
This is according to Robin Ellison, partner at Pinsent Masons, who suggested that there are many other ways to secure a nice pension, so that no financial woes have to be encountered once living the retirement period.
For example, he pointed out that those with umbrella companies could plan to spend less now, as this will have a positive knock-on effect in the future, as well as downsizing elements of living, such as housing.
However, it is working longer which is stressed by Mr Ellison, who even noted that this could help to get some extra skills in the working industry.
He explained: "Anyone close to ten to 15 years from retirement needs to plan to work another ten years, in some way, if not in their existing job. The best solution is some form of retraining."
The recommendations follow on from a new report, entitled Ten Years To Save Your Retirement, which found that 64 per cent of over-50s admitted they either did not know or believed they would have enough cash for an adequate retirement.
Contractors with umbrella companies should expect to work a further ten years in order to comfortably finance their retirement.
This is according to Robin Ellison, partner at Pinsent Masons, who suggested that there are many other ways to secure a nice pension, so that no financial woes have to be encountered once living the retirement period.
For example, he pointed out that those with umbrella companies could plan to spend less now, as this will have a positive knock-on effect in the future, as well as downsizing elements of living, such as housing.
However, it is working longer which is stressed by Mr Ellison, who even noted that this could help to get some extra skills in the working industry.
He explained: "Anyone close to ten to 15 years from retirement needs to plan to work another ten years, in some way, if not in their existing job. The best solution is some form of retraining."
The recommendations follow on from a new report, entitled Ten Years To Save Your Retirement, which found that 64 per cent of over-50s admitted they either did not know or believed they would have enough cash for an adequate retirement.