Article by Phil
Are you prepared for your retirement? Have you made your plans and are ready to finish work? If you are, you’re in the minority according to numerous retirement surveys published in the last few months.
See if any of these facts and figures apply to you:
Almost half of over 50s don’t feel adequately prepared for retirement.
The most common reason is that they don’t think they’ve saved enough (55%). Other reasons include worries over economic uncertainty (40%), concerns over the impact of inflation on income (34%), being daunted by the whole idea of retirement (31%) and not understanding the products and options available (29%). (i)
Over 50% of over 45’s said that they planned to work beyond their retirement age. Although 25% would like to reduce their hours and 20% would like to earn a living from a hobby or start their own business.
But the decision to continue working isn’t always financial. 47% said it was because of the increased costs of living, but 54% said they would work on to keep their mind and body active and 43% said they enjoyed working. (ii)
Shockingly, recent figures have revealed that only 17% of self-employed workers have a private pension in place, in comparison to 78% of employees.
Given that there are now 4.8m self-employed workers, that means 4m don’t have a pension in place. (iii)
If any of these common statistics apply to you, it might be worth talking to us about a Free Pension Review to see if we can put your mind at ease.
(i) Source – Retirement Advantage – April 2018 – sentiment Index
(ii) Source – London Institute of Banking and Finance (LIBF) & Seven Investment Management – June 2018
(iii) Source – Office of Tax Simplification (OTS)
