Planning for your Future


Most people would like to retire in their early sixties (or before) whilst they are still fit and healthy to enjoy themselves, but not all have made adequate provisions to do so and many feel that they will need to continue working past their preferred retirement age.

ING’s International Survey on Savings found 54% of people in Britain anticipated having to remain in paid work past retirement age. Based on 14,695 global responses, including 1,041 UK adults, just 20% of those not yet retired believed they would retire after the current state pension age of 65. Meanwhile 13% said they would likely work for the rest of their lives. This is supported by the latest labour statistics which showed the number of people aged over 65 still in employment was almost £1.3m at the end of 2018.

Whilst pensions are in place to enable people to save for their retirement, not everyone can afford to invest a sufficient amount to provide a reasonable level of income to meet their needs in retirement. This results in many having an income shortfall, leading to the need to continue working in retirement. It is hoped that the introduction of automatic enrolment and workplace pensions, will go some way to help individual’s save for their retirement, as many rely purely on their State Pensions. The State Pension age has increased and is set to rise to 68 by 2039, meaning you need to make your own retirement planning provisions if you want to retire earlier.

Of course, the earlier you start planning for your retirement the bigger the pot you will have to meet your income needs. If you are employed, you should ensure that you do join your employer’s pension scheme (and not opt out as some may do). You will need to contribute a minimum of 3% of your salary and you will then benefit from employer contributions and tax relief.

Of course, there are other savings vehicles which can be used to plan for your retirement, if you are nearing retirement you should consider your overall capital and consider if this will be sufficient to provide the required retirement income and whether it is held in the right place.

If you are concerned that you do not have a pension in place or require reassurance that your existing provisions will meet your retirement needs, please speak to one of our highly qualified Adviser who will be more than happy to discuss this further with you.