Pension Awareness Day 2019 – are you on track to living your dream retirement lifestyle?
Pension Awareness Day takes place annually on the 15th September and aims to address the challenge the UK is facing – we are not saving enough for our retirement.
Most of us have an ideal retirement lifestyle in mind, yet how many of us actually know, or understand, just how much we need to save for our vision to become a reality?
Last year, we carried out extensive research into the state of the nation’s retirement finances to learn why it is, that many of us are unprepared for retirement. Our research revealed that 62% of adults are unaware of how much their pension pot will be worth when they retire, despite running out of money being the largest concern (46%) that adults have about retirement.
We know that pensions and retirement planning can be complex. And for those whose retirement is a long way off, it is all too easy to put it to the back of your mind and ‘worry about it later’. But whether your retirement is 10, 20 or 30 years away, it’s important to plan for it now.
There are a few steps you can take now to prepare for the retirement lifestyle you have always wanted:
- Set out your lifestyle goals – this can help you set a financial target to work towards.
- Keep an eye on the projected value of your pension – understanding how your pension is likely to grow can help you plan accordingly.
- Assess your savings outside of a pension – consider investing in stocks or shares as they may provide a greater return.
- Balance short and long term savings – you should not stop saving for things or events in the near future but consider diverting a portion of your disposable income to support you later, during retirement.
- Create a wider financial plan – financial investments that are not directly linked to your retirement savings can still have an impact. For example, overpaying on your mortgage now may increase your financial security during retirement.
- Speak to an adviser – a financial adviser can give you an insight into your finances and what they may look like during retirement. They can also help you create a unique plan to help you achieve the lifestyle you want.
If you would like to find out more about how we can help you to plan for your retirement, please contact us.
All statistics quoted have been taken from our whitepaper, ‘Planning for a brighter tomorrow: the state of the nation’s retirement finances.’
Foster Denovo Limited is authorised and regulated by the Financial Conduct Authority.
The value of your investment can go down as well as up and you may not get back the full amount invested.
Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits and is not suitable for everyone. You should seek advice to understand your options at retirement.
Information correct as at 13th September 2019