Sheffield isn’t known as the ‘Steel City’ for no reason; it was once home to a large proportion of the steel welding industry. Thousands of men and women were employed in steel production, coal mining and other industries that were once thriving. Sadly, times have now changed. A lot of jobs in the industrial sector have been lost to countries such as India, where labour is much cheaper than in the UK. For the people who have managed to hold onto their jobs in industry, nothing is certain anymore, especially not their pensions. Companies find that making changes to pension plans can save them a lot of money, but it can have a devastating effect on the lives of their workers.
Sheffield is not the only place to have been affected by this loss of industry. Mining villages across Yorkshire have felt the strain, as mines have been closed down and pay has been reduced to the minimum level. Unless a person had done some pension planning on their own, they may find themselves in a situation where they have no money to live on after they turn 68 and retire.
Thankfully, people can take financial planning for retirement into their own hands. Retirement plan services are available to anyone, no matter what industry they work in. A pension plan provider will be able to help a person decide how much money they need to put away each month to make sure they have enough to live on when they retire. This means that even if a company decides to change its retirement packages, a person will have set enough money aside by themself to ensure that they can live happily when they have retired.
For people who have spent all of their lives working in a tough, industrial surrounding, retirement can be the start of a whole new world. It gives people the chance to do whatever they want to, whether that means going on holiday, volunteering, or setting up a small business of their own to pass the time and to keep involved with business. These things can only be done if a person has taken advice from a financial advisor throughout their life and has enough money to live on because of it.
If you work in an industry that is under threat or where job security is a thing of the past, it is never too late to set up your own pension scheme to make sure you have something to live on when you retire.