Independent Financial Life Planners Bishop's Stortford: Running out of pension funds

Wednesday, 19 October 2016

Running out of pension funds

Enable’s experienced IFA’s in Bishops Stortford have supported many clients to set up pensions and have also helped to manage many pension finances. Recently, the apparently good news from The Office for National Statistics (ONS) is that there are over half a million people aged 90 or over, and more than 14,500 are 100 or more. The figures amount to a 65% increase in a decade, with the number of elderly men beginning to gain ground on the number of elderly women. The problem is how to fund this ever increasing lifespan either as the state or as individuals. We already have more over 60s in our society than children.

Research from Aviva has found that men in Britain estimate they will live for around 15 years after they stop working (at around 65) when they’ll probably live another 19 years and women think they’ll survive another 19 years when they are actually likely to be around for another 21 years. Just three or four extra years of retirement requires around £35,000 in additional pensions savings to be able to fund that time. Gareth Shaw, head of consumer affairs at Saga Investment Services recently said already “today’s retirees routinely underestimate how much they need to have a decent income in retirement. [Our research] found over 50s need double the amount they think to generate the kind of income that will leave them comfortably off in their later years.”

If you have worries about how you are going to fund your retirement Enable’s IFAs in Bishops Stortford can talk you through your options.

Source: http://www.independent.co.uk/money/growing-old-disgracefully-why-longer-life-is-ruining-your-wealth-a7345941.html

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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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.