Do you know that to target a retirement income of £20,000 p.a. you would need a pension fund of £300,000? (source FSA Money Made Clear www.fsa.gov.uk/tables/bespoke/Annuities. Based on a 65 yr old non smoking male, single life, no guarantee, standard level annuity.)
This means means that for some of you approaching retirement, the promised age of leisure may be more of a myth than a reality. Without proper planning you may simply not be able to afford to retire.
Retirement is lasting longer, getting more expensive and it’s becoming complicated too. Phasing retirement is becoming increasingly popular. Any pension plan needs to support your lifestyle during accumulation and the retirement phase.
If you would like a review of your pension plan, please contact your financial adviser, or speak to our expert Alan Brown on 0800 435648.
Adam Cook
Head of Operations
Tags: Pensions, retirement
Entries (RSS)