Why retirement planning needs to account for longevity risk
Embarking on your retirement journey is a significant milestone filled with possibilities and new beginnings. However, being aware of potential pitfalls that could undermine your financial security is essential. One of the most prevalent issues is failing to protect against inflation. Known as the ‘silent thief’, inflation can gradually erode your savings and income purchasing power.
Why do women often find themselves disadvantaged in retirement?
Significant disparities continue to remain when it comes to retirement savings, with the gender pension gap standing out prominently. Even though the gap manifests across various demographics, including age, job types, and income levels, however, it is women who bear the brunt of these inequalities, often finding themselves at a financial disadvantage in retirement. This disparity is primarily due to lifelong differences in savings and the contributions made to pension plans.
Six in ten employees feel they are not saving enough for retirement
A concerning trend among UK workers in workplace pensions and long-term saving has been highlighted in recent research. Six in ten employees feel they are not saving enough for retirement, with a third experiencing anxiety when assessing the amount they have saved, the data shows[1].
Providing timely financial support to your loved ones when they need it most
Ensuring the financial security of loved ones is a paramount concern in financial planning. Your life insurance policy is a significant asset, and by putting it in an appropriate Trust, you can manage how your beneficiaries receive their inheritance. This approach offers numerous advantages beyond the basic provisions of a standard life insurance policy, enhancing the efficiency and security of the payout for your beneficiaries.
Steps you take now to influence your retirement and overall financial security significantly
As you get closer to your 50th birthday, it’s natural to feel anticipation and concern about your financial future. While financial planning might not seem urgent, the steps you take now can significantly influence your retirement quality of life and overall financial security.
