Topic: Retirement

Pension shortfall exposure

Signs you are not financially ready to retire

Those potentially most exposed to a pension shortfall are not people just entering the workforce, most of whom presume they will work until their 70s and will receive limited support from the state. Those most at risk of enduring a more frugal older age are those currently in their 40s and 50s who grew up assuming that the pensions system their parents enjoyed – generous income and retirement in their mid-60s – was the norm.

Pensioner wealth

Income gap between the wealthiest and poorest pensioners is growing

The members of Britain’s baby boomer generation who are now entering retirement have been called ‘the richest generation in history’. But the income gap between the wealthiest and poorest pensioners is growing, with those in the top pension income band now having an average weekly income of almost £1,000.

Will I have enough money through retirement?

Mismatch between retirement expectations and actual reality

Retirement is a chance to do more of what you enjoy. When it comes to planning for your retirement, you need to think about what you’d like your life to be like. There is no set retirement age in the UK any longer, so you can carry on working as long as you like (or as long as you need to).

Lasting the distance

The early retirement dream lives on, but at what cost?

Whether you choose or need early retirement, having a plan can give your money the best chance of lasting the distance. Whether lifestyle preferences or circumstances beyond your control are behind your decision to retire early, you’ll need to make a plan to help your retirement savings last, while still enjoying your favourite comforts in life.

Unlocked pension savings

Critical gap in consumer awareness

Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research[1].

Lost pensions

Make sure your pension savings don’t get left behind

The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. Even if you have not had that many jobs, you may still have a number of different pensions to keep track of.

Retirement resilience

Taking the reins and having more control over your pension pot

Saving for retirement is one of our greatest financial priorities, especially as life expectancy is growing and retirements are likely to last longer.

What you need to know

Winners and losers under the new State Pension

The number of people qualifying for the full new State Pension following its introduction in April 2016 reveal almost two in five pensioners (365,290 people, or 38% of claimants) receive less than £150 a week, while a further 62% receive more than £150 a week – of these, 282,447 are receiving a new State Pension[1].

Cashing out

Pension changes brought a whole new range of options to consider

Unadvised retirees who are now able to dip into their pension are having to return to work to cope with juggling their finances, according to a new report[1].

Saving adequately for the future

How much should you try to save to have a comfortable retirement?

The number of people saving enough for a comfortable retirement has hit its highest ever level, with almost three in five Britons (59%) now saving adequately for the future[1]. This is a significant improvement from the 55% proportion recorded 12 months ago, suggesting this April’s auto-enrolment step-up had an immediate positive impact on saving habits.