It is probably true to say that many of us are much younger in our outlook than ever before and retirement is not a consideration that is at the front of our minds. Even though the Basic State Pension age is increasing, retirement from work for many is still age 65.
But at what age should you start to save for the day when you can get up and decide what you want to do, and what income will you need to support that lifestyle?
With the continuing improvements in medical science and consequently life expectancy increasing, it is also fair too say that 65 is still relatively young, with many years of life ahead for people to enjoy their 'leisure'. Always assuming they have the income to do so!
Some will choose to continue to work, which is of course, every individuals prerogative, some people will have to! So the question is, 'what income do you need to enjoy a comfortable retirement?' Again, a very individual thing, and not always an easy one to assess.
Ask yourself a few simple questions.
What pension arrangements are in place for you already over and above the state benefits? What pension contributions are made through work either for you or by you?
What contributions are made either by you or for you to a pension plan outside of work?
What other savings do you have to help contribute to your income in retirement?
How much income do you need to do the things you enjoy when you retire, and what would you give up if you had to if that income was insufficient?
How much income will your savings plans and pensions generate when you retire and will you be able to maintain the standard of living that you have become accustomed to?
Simple questions to ask, but not all necessarily that simple to answer.
So let us make a difference to your understanding of what you may get, and what you need to do, if anything, to generate a level of income that you will be comfortable with. Fill in the CONTACT from below or call us so that we can have a FREE chat about your options