Running out of money tops retirement concerns, but financial planning could bring peace of mind Retirement 10/04/2024 If you’re concerned about running out of money during retirement, you’re not alone. In fact, it’s one of the top financial concerns in the UK. Being proactive and working with a financial planner to create a retirement plan could offer you peace of mind. Read on to find out why. In an Aegon survey, 7 in 10 financial advisers said their clients’ number one concern was outliving their savings. The good news is that by seeking the support of a finance professional, you can understand what income is sustainable for you and the lifestyle it might afford. High inflation is playing a role in fears of running out of money When you retire, you may have a pension pot that you could use to create an income. However, as you may be responsible for managing withdrawals, you might worry about taking too much too soon.
7 practical tips that could help Generation X feel more confident about their retirement Retirement 26/03/2024 As Generation X, often described as those who were born between 1965 and 1981, starts to retire, research has found that many don’t feel confident about their financial future. If you’re worried about how secure your life will be once you stop working, there may be some practical steps you could take. According to a survey from Just Group, 52% of Generation X say they are not confident that they will have enough saved for a good standard of living after work. It’s not surprising that Generation X isn’t feeling confident about retirement – many are supporting other generations. 3 in 10 are providing financial support to adult children, while around 1 in 10 are helping elderly relatives. So, you might not only be worrying about your circumstances but those of your loved ones. Supporting others financially could mean you’re neglecting your long-term financial wellbeing too.
The families of 6 in 10 over-75s could face challenges if they lose mental capacity Protection/Retirement 18/12/2023 A survey suggests more than half of people aged over 75 haven’t arranged a Lasting Power of Attorney (LPA). It’s an oversight that could mean their families may not be able to make decisions on their behalf if they lost mental capacity. MoneyAge report that research from Just Group revealed that around 3.4 million over-75s had no LPA in place. If you or your relatives may be among them, read on to find out what an LPA is and why having one may bring invaluable peace of mind to you and your family. An LPA allows you to choose someone you trust to take care of your affairs An LPA is a legal document that allows you to nominate one or more people you know and trust to take care of your affairs in the event that you can no longer look after them yourself.
More people than ever celebrate their 100th birthday. Here’s why it affects financial plans Retirement 14/11/2023 More people in England and Wales are celebrating their 100th birthday. It could have implications for your financial plan and creating an income in retirement. According to a release from the Office for National Statistics (ONS), on Census Day in 2021, there were 13,924 centenarians living in England and Wales. The oldest person to complete the census was 112. While centenarians represent just 0.02% of the total population, the number of people celebrating the milestone is growing rapidly. In fact, when compared to 100 years ago, the number of centenarians has increased 127-fold. Between 2011 and 2021, the number of people over 100 increased by 24.5%. Once population is taken into account, the UK ranks as the ninth country for the highest number of centenarians. Centenarians will have lived through the second world war and decimalisation The almost 14,000 centenarians who completed the 2021 census have lived through many defining moments.
The useful guide to reaching your retirement goals Guides/Retirement 11/04/2022 Getting the most out of retirement and reaching your goals requires planning. Not thinking about your post-work years until you reach that milestone can mean that a retirement that promised much, falls short. While you might daydream about giving up work, pinning down the details, from your lifestyle to your income, means you’re more likely to turn your dream into a reality. This guide can help you start to think about the retirement you want and the steps you need to take to secure it. Among the questions it can help you answer are: When do you want to retire? Is blending work and retirement an option you should consider? What does your ideal retirement look like? What are your priorities for retirement? How much income will you need in retirement? Download your copy of “The useful guide to reaching your retirement goals” to start planning your future.
£130 million “lost” in retirement income because retirees aren’t shopping around Retirement 12/01/2022 If you have a defined contribution (DC) pension, the only way to create a guaranteed income for life is to purchase an annuity. An annuity can create financial security throughout retirement, but research suggests many aren’t getting the income they could be because they’re not shopping around. When you retire, there are several ways you can access your pension to create an income. An annuity is something you purchase with all or part of your pension from an insurance company. It will then pay a set income, either for life or an agreed number of years. In retirement, a lifetime annuity, which will pay an income for the rest of your life, can help to create certainty. However, you shouldn’t purchase an annuity from the first insurance company you come across. Insurance companies will offer different annuity rates, and this will affect how much income you will receive.
More people plan to work past traditional retirement age. Here’s what they need to consider Retirement 22/11/2021 Figures suggest that an increasing number of people plan to work past the traditional retirement age. There are a variety of reasons for doing so and it also could help secure your long-term finances. If it’s something you’re thinking about, there are some things you need to consider. Almost half of over-50s expected to be part of the workforce by 2030 According to Legal & General research, the number of over-50s in work has increased by 36% in the last year. The rise has been driven by an increase in the number of people in their 60s living and working for longer. It’s not a trend that’s expected to go away either; by 2030, it’s estimated that almost half (47%) of over-50s will be part of the workforce. Even with the State Pension Age rising, more people are working beyond this point.
Generation X is looking forward to life’s small pleasure in retirement, but are in the dark about the cost Retirement 09/11/2021 How much do you need to save for retirement? It’s an important question, but research suggests that while Generation X is looking forward to the life they’ll have after work, many haven’t thought about the cost. Generation X, defined as those being born between the mid-1960s and the early-1980s, are beginning to approach retirement. While it can still seem some way off, getting plans and finances ready can help you create the lifestyle you want. Understanding what your retirement lifestyle will cost, and how to pay for it, means you can address potential gaps now to keep your plans on track. 33% of Generation X prioritise socialising in retirement Retirement is often associated with big-ticket expenses, from luxury cruises to a holiday home in the UK. Yet, a third of Generation X want to prioritise socialising over big-ticket items, according to Money and Pension Service research.
