Steps you can take to ensure that you are prepared financially
One of the biggest concerns people have when nearing retirement is whether or not they will have enough money to maintain their current lifestyle. Retirement can be a time of great uncertainty, but there are steps you can take to ensure that you are prepared financially.
Women’s pensions at retirement are half the size of men’s
The gender pensions gap is the difference in the average amount of money that men and women have saved for retirement and it begins at the very start of a woman’s career.
Signs of more economically active people over the age of 50
Older people in the UK are increasingly returning to work, according to new research[1]. The cost of living crisis is now affecting many pensioners drastically. The research also found that the proportion of older people who are self-employed has more than doubled over the same period.
Ways to maximise the value of your retirement savings
If you’re aiming to build a healthy pension pot to fund your retirement, there are a few key mistakes you’ll want to avoid. These can set you back and make it harder to reach your goals.
Being aware of how it can impact your retirement plans
When it comes to planning for your retirement, one important factor to consider is the impact of inflation on your future pension income. While the cost of living will obviously increase over time, the rate of inflation can have a significant impact on how far your pension income will go in retirement.
How much you’ll need to retire depends on a number of factors, including how long you expect to live in retirement and what kind of lifestyle you want to maintain.
‘Enjoy more freedom while still being physically fit and well enough to enjoy it’
The traditional retirement age is no longer what it used to be. More and more people are choosing to retire early, and there are a number of reasons why this is becoming increasingly popular.
Choosing what to do with your pension is a big decision
If you’ve been saving into a defined contribution pension (sometimes called ‘money purchase’) during your working life, from age 55 (age 57 in 2028) you need to decide what to do with the money you’ve saved towards your pension when you eventually decide to retire.
Simplify your finances and make it easier to keep track of your retirement savings
If you have ever changed jobs, moved homes or had a company you worked for change ownership or close down, then you know how easy it is to lose touch with your pension savings provider. This can happen for a variety of reasons, but it often means that your savings are no longer as secure as they could be.
Why saving enough for retirement is challenging for many people
One of the biggest financial challenges people face is saving enough money for retirement. There are a number of factors that can make this difficult, such as low income, high living costs and unexpected expenses.
