Planning where your regular income is going to come from in retirement will give you peace of mind and leave you prepared to retire from working life whether that’s in 35 years time or just 10!
According to the UK office of National Statistics more than 95,000 people aged 65 in 2012 are expected to celebrate their 100th birthday in 2047. Statistically therefore we are now living longer, which of course is great news; however unless we want to go on working into our 70’s we need to make sure the pensions we have will be enough to pay us during these ‘golden years’.
The state pension provides many with the security of having a small guaranteed income, however in today’s and tomorrow’s world it’s not really enough on its own for anyone to live on. The government encourages us to save for our retirement by making pension contributions tax free and introducing new schemes like auto-enrolment to help make sure we are not reliant only on the state pension.
With this being said everyone has different incomes, lifestyles, and retirement plans and likewise there are a number of different routes, financial products and ways to draw income at retirement. Therefore it is important that you plan for your future today. For more information speak with your financial advisor. www.sterlingnorth.co.uk
