Running out of money tops retirement concerns, but financial planning could bring peace of mind

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.

A worrying 2 in 5 wealthy individuals have fallen victim to a financial scam

A recent survey reported by Professional Adviser revealed that 2 in 5 wealthy individuals have been the victim of financial crime.

Of the 2,000 people with assets worth more than £250,000 who were surveyed, 41% of them reported they had been scammed, with more than a third saying they had fallen victim in the last six months. 20% of the victims lost money through investment scams, while 15% were defrauded by pension scams.

Pension and investment fraud are two common methods of scamming affluent people. Read on to find out how these scams work, some red flags to watch out for, and what you can do if you find yourself the victim of financial fraud.

Investment scams

Investment scams will attempt to make you part with your wealth, either into a fake scheme or one that is designed to make you pay more than the potential returns.

7 practical tips that could help Generation X feel more confident about their retirement 

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.

A Lasting Power of Attorney could offer protection at every life stage

Naming a Lasting Power of Attorney (LPA) is often associated with the elderly. But it could provide vital protection and peace of mind at every life stage.

An LPA gives someone you trust the ability to make decisions on your behalf if you’re unable to do so. When you think about the scenarios that might happen, it may be something you think you don’t need until your later years. However, ill health and accidents can occur at any stage of your life.

Without an LPA in place, it can be difficult for loved ones to act on your behalf. So, whether you’re in your 20s or 80s, naming an attorney could be a valuable way to create protection should something happen.

Your next of kin cannot automatically make decisions on your behalf

It’s a common misconception that your next of kin would be able to make decisions for you if you cannot.

The ups and downs of the FTSE 100 40-year history demonstrates time in the market matters

This year the FTSE 100 index turns 40. Over the last four decades, it’s become a way to measure the health of the UK stock market. During that time there have been highs that investors no doubt celebrated, and lows that serve as a reminder that there’s some truth in the saying: it’s time in the market, not timing the market.

In 1984, Margaret Thatcher was serving as prime minister and, similar to today, interest rates were increasing in a bid to reduce inflation – the base interest rate exceeded 12.8% in July 1984. The country was also grappling with miners’ strikes and high levels of unemployment. Yet, it was also a time of technological advancement and scientific discoveries.

Against this backdrop, the FTSE 100 index launched.

The FTSE 100 is made up of the biggest 100 companies that are listed on the London Stock Exchange.

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