Recently released research1 suggests a significant proportion of working age people are no longer planning a traditional ‘hard stop’ retirement, with 45 to 54-year-olds most likely to feel they will continue working beyond pensionable age.
Over one million individuals have entered self-employment since 20201, so it is important to ensure you are still planning for retirement by making regular pension contributions.
Over the years, a number of notable trends, such as increased longevity and individuals taking on greater responsibility for their pension provision, have clearly altered the retirement landscape significantly. Now, new trends look set to further change the face of retirement, adding complexity to the retirement planning process and making early planning ever more essential.
According to research1, 81% of the UK’s wealthiest individuals are ‘stressed’ about their finances, suggesting financial wellbeing is about more than just the totality of your wealth. So, virtually everyone has concerns about what their financial future will look like.
Receiving a bonus at work as a reward for a job well done is highly satisfying, but with bonuses subject to Income Tax and National Insurance Contributions, you face losing a significant portion of your hard-earned money. A bonus may even push you into a higher tax band, meaning that you receive an even smaller sum than expected.
Football presenter Jeff Stelling has warned people to be on the ball and check their pension protection in a new campaign by the Financial Services Compensation Scheme (FSCS).
This year, summer brings hope of a better financial future as inflationary pressures recede and the economy continues to grow. It could therefore be an ideal opportunity to prioritise a range of pension-related issues in order to ensure brighter days do lie ahead.
To enjoy a financially secure retirement, it’s important to spend time doing some in-depth thinking well in advance to determine your goals and requirements in order to achieve the lifestyle you dream of. You need a robust financial plan.
Research1 has revealed that the ultimate retirement dream is actually very simple – financial security for the rest of your life.
Just to be clear, we’re not talking about your physical health here (that’s the doctor’s remit). We’re talking about a check-up to assess your financial wellbeing.
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