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Considering a retirement U-turn? Here are three important things to know
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Published: 24/03/2023

Article written by Kellands Hale, our preferred independent advice firm.

This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfactscompare.co.uk does not endorse the content.

Chancellor Jeremy Hunt is encouraging retirees to return to work. That is one of the key takeaways from the Spring Budget, when he announced the Government will be increasing the Annual Allowance, the Money Purchase Annual Allowance (MPAA) and abolishing the Lifetime Allowance altogether.

“No one should be pushed out of the workforce due to tax reasons,” Hunt said in defence of his Government’s pension reforms. 

Whether this will be successful in encouraging retirees to re-join the workforce is a different debate.

Other economic factors might have forced some to make a retirement U-turn. This includes double digit inflation and market volatility causing some investors to worry about their long-term wealth. 

Whatever your circumstances, there are significant financial and emotional aspects of leaving retirement you should be aware of before you perform a U-turn. Here are three key things to consider:

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

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