Local financial expert Peter Harding explains, when you’re considering your future and what to do with your money, it’s vital to ensure your financial security will continue into later life, when you’re no longer earning an income. But is it ever too late to start saving? The answer is no, and this isn’t just a Pollyanna response from a pension’s expert.
Retirement has changed substantially from what it was for previous generations. It used to be the norm to spend a 30-year career in one profession, often with one or two employers, and for people to stop working entirely once they reached retirement age, which was usually around 60 to 65 years old. Now average UK life expectancy figures from the ONS, show that you could spend 25 to 30+ years of your life in retirement.
It’s difficult to say how much money you need before you stop work, because it really depends on what you want to do. Many people fund their retirement from a range of sources, including property, Cash ISA savings, Stocks & Shares ISAs, earnings, state pension and private pension pots.
Reaching retirement age is not an ending, it’s the start of a new chapter in life. Putting the right plan in place with the help of a financial adviser, will help ensure you can enjoy the future you want.
To receive a complimentary guide covering wealth management, retirement planning or inheritance tax planning, contact Peter Harding Wealth Management on 01202 830730 or email peterhardingwm@sjpp.co.uk.
Peter Harding Wealth Management is a trading name of Peter Harding Practice Ltd.