According to research from Blackrock, UK savers are primarily focused on saving for a rainy day (32%) or holidays (29%) and spend more time planning trips away and new purchases than they do on their retirement. But the same research indicated that we have high expectations of our retirement, 39% of people want to take frequent holidays once they give up work, 27% want to spend time with the grandchildren and 27% want to take up a new hobby. It is very easy to have grand plans for retirement but not so good if we are not ensuring we will be able to achieve them.
On top of all the challenges of retirement saving there is the added issue of increasing life expectancy: it is good news from a lifestyle point of view but financially it's a bit of a double-edged sword - if you are going to have a longer retirement, you are going to need more to support it. Peter Quinton, head of annuities at Retirement Assured has pointed out: "Our income needs to last much longer as we are living roughly two years longer for every decade that passes." According to the Office for National Statistics, a 65-year-old woman today can expect to live for more than 20 years, until they are on average 86.1 years old. For men that age, the figure is slightly lower at 83.5 years old.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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