Saving for retirement

Planning your retirement helps ensure that your dreams become reality.

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. Let’s start saving for retirement.

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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 13.5% of men and 8.5% of women aged 65 and over are still in employment.

Ensuring you have enough to live on in retirement, however, isn’t straightforward. In 2021 the Pensions and Lifetime Savings Association calculated that a couple who wish to enjoy a moderate standard of living in retirement need a net annual income of £30,600 (£36,200 in London). Inflation has added over 10% to those figures. Not planning adequately for your later years could have a serious impact.

What’s covered in the guide:

Your journey to retirement

Rising pension ages and life expectancy means retirement now happens later and for longer. How much do you need to save?

Exploring pension options

The current pensions landscape and what information is important

Understanding pension contributions

The tax reliefs and planning opportunities of your pensions

Investment decisions

Default funds and the more 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.

Download the guide - Saving for retirement,

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.

James Batchelor

James Batchelor

Chartered Financial Planner

Learn more about James Batchelor

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