Independent Financial Life Planners Bishop's Stortford: But I’ll be getting a state pension?

Monday, 27 April 2015

But I’ll be getting a state pension?

Enables’ experienced Independent Financial advisers often hear people say I’ll be getting a state pension and at the moment most of us will be entitled to a state pension when we are old enough. So the state does provide a safety net but for most of us this really won't be enough to provide for a comfortable - and enjoyable - retirement. Pensions specialist Dr Ros Altmann says, "If you're thinking of relying on the state pension to fund your retirement, then think again." "The UK state pension is one of the lowest in the developed world and most people will not get that much."

Currently, a full basic state pension provides around £5,000 a year, says Altmann but in 2016 the scheme is set to change to become a flat rate single payment with a full 35-years of National Insurance payments entitling you to around £150 a week to live on, or just over £20 a day." More changes to pensions could come into play overtime.

Currently according to the Department of Work and Pensions, an elderly couple living on less than £215 a week after housing costs, or £125 if you live alone, are considered to be living below the poverty line. So if you have ideas of wanting to maintain your existing lifestyle in retirement –eating out or enjoying trips with friends and family let alone travelling the world you would be wise to start saving for it as soon as possible and that means working your retirement saving into your monthly expenditure.

Saving in this climate might seem like a big challenge, but, over the years Enable’s IFA’s in Bishop’s Stortford know small monthly sacrifices can make a huge difference to your lifestyle at the end of the day.

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

No comments:

Post a Comment

IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.