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At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.
Then in the years before retirement, support should be provided around tax efficiency, planning for retirement and understanding retirement income options, clearing debt and maximising pensionbenefits and other savings.
In fact, an Employee Benefit Research Institute report 2 has shown that 64% of workers feel somewhat confident about having enough money in retirement, while 18% are confident in their retirement structure. Compared to this, the retirees, 75% in exact, have showcased confidence in their retirementfinances.
In addition, maximum taxable earnings will increase to $147,000, a quarter of coverage to $1,510, and the earnings limit under full retirement age to $19,560. Pension COLAs - Pensionbenefits for some retirees are also indexed for inflation. a $59 increase for every $1,000 of benefits) in 2022.
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