Retirement is something most of us look forward to − particularly on a Monday morning. However, those thoughts are often little more than a whimsical cocktail of not having to work and prolonged holidays. The reality could be rather different.
For a start, retirement has increasingly become a gradual process, with part-time work often playing an important role. The latest data from the Office for National Statistics (ONS) show that 15.0% of men and 9.4% of women aged 65 and over are still in employment.
Ensuring you have enough to live on in retirement isn’t straightforward. In a report published earlier this year updated calculations from the Pensions and Lifetime Savings Association showed that a couple who wish to enjoy a moderate standard of living in retirement now need a net annual income of £43,100 (£44,900 in London).
Not planning adequately for your later years could have a serious impact.
What’s covered in our Retirement guide:
A gradual process
The blurring of the work/retirement boundary is being accompanied by changes to the state pension age (SPA). How much will you need to retire?
Exploring pension options
Insight into the current pensions landscape, highlighting the important information you need to know.
Understanding pension contributions
Breaking down the tax reliefs and planning opportunities of your pensions.
Investment decisions
A look into default funds and the tailored approaches you can choose.
The need to review
Given the frequency of government reforms to pensions, plus your own changing circumstances, regular reviews should be built into your financial planning.
Saving for retirement is complicated and has been made even more so by constant changes to the rules. Make sure to talk to your adviser to take full advantage of the available tax breaks.
