Since the Financial Conduct Authority’s (FCA) thematic review of annuities in February and the proposals contained in the Chancellor’s 2014 Budget in March, it seems that tales about the UK’s ageing population and deficits on pension pots are rarely out of the press headlines. How will pensioners of the future survive if they outlive their savings?
The answer seems to be – revisit your savings plan, and (as with most things these days), shop around for the retirement income plan that gives you the most bang for your 12-sided-£1-coin.
Will you spend a third of your life in retirement?
With almost one in five of us set to live until our 100th birthday, it’s more important than ever to ensure your retirement plan is fit for purpose. As Pensions Minister Steve Webb put it: “These staggering figures really bring home how important it is to plan ahead for our later lives. Many millions of us will be spending around a third of our lives or more in retirement in the future.”
It’s an interesting thought – without careful planning, could you end up living longer than your pension pot can support?
Key facts:
There are well over 14 million people in the UK aged 60 and above
People live longer now than ever before
Men now live for an average of 18.3 years in retirement
Women live for even longer – an average of 20.9 years after they retire
By 2066, the UK will have 7,700 ‘super-centenarians’ i.e. those aged 110 or over
Take time out now to make good decisions for your future
With so many options available to you, deciding where to go, who to talk to and what products you should be looking at is no mean feat! But don’t put your head in the sand and assume it’ll be alright – take some time out now to understand the implications of your existing plan, and whether it’s worth looking at making changes to benefit your own, and your family’s future.
Our team of independent financial advisers at BKL Wealth Management are here to help you unscramble the headlines, make sense of the changes that the Chancellor is making to the retirement landscape, and advise you on what your retirement plans really mean for you. We provide professional and friendly support, tailored to your personal needs and circumstances and all the options available to you will be explained in plain English.
Call or email your usual contact partner at BKL today to arrange a no-strings meeting to talk through your options with our team of specialists.
