Advances in medical science have seen life expectancy increase. 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 aged over sixty. That’s fourteen million people. Half a million people are over ninety years old and one in three babies currently being born is expected to live to over one hundred. So, planning for your retirement has never been more important.
How will living longer affect your finances?
Unfortunately, the benefits of a longer life are often offset by declining health. Figures from the Office of National Statistics (ONS) show that a man 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. Also, it is estimated that over 130,000 people have to enter a care home 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 now be used up in just seven years.
Some members of society are better placed than others to face their financial future. The baby boomer generation accounts for a large percentage of private wealth. This is mainly due to 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.
How Anstee & Co. can help you with your retirement planning?
It is never too early to start planning for later life. Retirement is a journey, not an event. In the past, many people thought of retirement in “black and white” terms. They were either working or retired. Getting income from work or pensions. They then purchased an annuity or invested in drawdown.
The retirement journey opens the door to creative retirement planning rather than product-based solutions. In order to get the best outcomes, it is necessary to have a sound retirement plan.
The first meeting with our later life team of financial advisers is free of charge. This team of financial advisers have taken additional professional exams relating to retirement planning. To find out more click here.
How to contact Anstee & Co., financial advisers.
We have offices in Kettering, Stamford and London. Financial advice can also be provided at your home and at a time convenient for you. Furthermore, we cover Northamptonshire, Lincolnshire, Bedfordshire and Warwickshire. The team also make use of meeting rooms in Towcester, Northampton, Wellingborough, Warwick, Rothwell and Bedford.
Finally, why not contact us today to see how we can help you to secure your financial future.
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