Early retirement: Boris Johnson urged to let older Britons ‘retire early’ due to COVID-19 | Personal Finances | Finance
Boris Johnson, Prime Minister, is responsible for implementing various policies and has led government support throughout the pandemic. However, the Prime Minister is urged to take further steps to support the elderly and the young in a petition on the Parliament’s official website. The petition is titled: “Temporarily Allow Early Retirement to Reduce COVID Unemployment Cause.”
As such, he suggests, a temporary early retirement program could help cope with this type of burden.
He continued, “The proposal may be cost neutral or relatively inexpensive due to the savings on various benefits received by unemployed people with families and will have huge social benefits.
“Retirees can contribute to the economy in the form of part-time work, income tax, or the purchase of services such as home improvements using capital freed up from home improvement funds. pension.
As of now, the petition has collected 133 signatures, so it has a way to go until it hits the trigger point of 10,000.
With 10,000 signatures, the government is required to formally respond to the petition.
Once a petition reaches 100,000 signatures, it will be considered for debate in Parliament.
The deadline for this particular petition, however, is approaching.
After being on the official government website for a few months, it is expected to end on July 6, 2021.
The government has provided guidance to those considering early retirement, regardless of the rules.
Currently, the state pension can only be released at state retirement age, so the British will have to wait to receive this sum.
With regard to personal and professional pensions, these are available after the age of 55 under the rules relating to pension freedoms.
But Brits should be aware that their pot might be smaller when they retire early, as they have had less time to build up and rise in value.
Finally, for those on benefits, early retirement could have an impact.
The amount of money a person receives from certain income-related benefits such as pension credit, universal credit, or income support could be affected if someone takes their pension early.
However, those who retire prematurely due to health issues may be eligible for additional assistance.
Help is available to Britons through services such as Pension Wise, Citizens Advice and Money Advice Service.