We have seen many exciting advances in medical science over recent years to improve life expectancy. It is now estimated that over two-thirds of the United Kingdom population, are now aged over fifty. That’s over 21 million people. Also, for the first time in history, two-thirds of this number are now aged over sixty. That’s over fourteen million people. Today, half a million people are over ninety years old and one in three babies, currently being born are expected to live to over one hundred. Making a retirement plan has never been more important.
Will living longer affect my retirement?
Regrettably, the benefits of a longer life are often offset by failing health. Figures from the Office of National Statistics (ONS) show that a man today, retiring at the age of sixty-five would only be expected to live for a further ten years in generally good health. A woman of the same age would have eleven and a half years of good health. It has been estimated that over 130,000 people enter care homes each year.
This increased lifespan accompanying the likely decline in health is likely to create financial pressures. Research shows that the average individual spends nineteen years in retirement. However, the average United Kingdom pensioner’s savings will be used up in just seven years.
Some sectors of our society are better placed than others to cope financially with their future. The “baby boomer” generation accounts for a large percentage of private wealth. This is mainly due to the increases in property and investment values. While some have never had it so good, others are having to sell their family homes to fund the cost of long-term care.
Do I need a retirement plan?
It is never too early to start planning for your later life. It is often said, “Retirement is a journey, not an event”. Previously, people thought of retirement in “black and white” terms. They were either working or retired. Getting income from work, or a pension.
The retirement journey now opens the door to creative retirement planning, rather than product-based solutions. To get the best outcome for yourself, it is necessary to have a sound retirement plan.
How Anstee & Co. can help you with your retirement plan.
We are a firm of Independent Financial Advisers (IFA’s). This means that the financial advice we provide is unbiased. Some financial advisers work from a limited panel or just recommend products from one provider. We look at all the options from the “whole of market”.
The first meeting with our later life team of financial advisers is at our expense and without obligation. Meetings can be arranged at a time and location that is convenient for you. This team of financial planners have taken additional, professional exams, relating to retirement planning. To find out more click here.
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- London, Pall Mall, Greater London
Also, our financial planners live and make use of meeting rooms in-
- Bedford, Bedfordshire
- Market Harborough, Leicestershire
- Northampton, Brackley, Wellingborough and Towcester in Northamptonshire.
Finally, why not contact us today to see how we can help you design a secure financial future.