The Value In Thinking Ahead
Retirement is something most of us look forward to − particularly on a Monday morning. However, those thoughts are often little more than a whimsical cocktail of not having to work and prolonged holidays. The reality could be rather different.
For a start, retirement has increasingly become a gradual process, with part-time work often playing an important role. The latest data from the Office for National Statistics (ONS) show that 13.1% of men and 8.3% of women aged 65 and over are still in employment.
Ensuring you have enough to live on in retirement, however, isn’t straightforward. A report from the Pensions Policy Institute, published in June 2021, suggests that around a quarter of those approaching retirement are unlikely to receive a minimum income (defined then as £206 a week for a single person and £318 for a couple). Around half will fail to receive a personally acceptable level of income. Not planning adequately for your later years could have a serious impact.
The Guide covers the following topics:
- Your Journey To Retirement
Rising pension ages and life expectancy means retirement now happens later and for longer
- Your Pension Options
The current pensions landscape you need to understand
- Your Pension Contributions
The tax reliefs and planning opportunities of your pensions
- Investment Decisions
Default funds and the more tailored approaches you can choose
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This publication is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority (FCA) does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of the law and HM Revenue & Customs practice as at 20 July 2022.