According to the Office for National Statistics the average life expectancy at birth for a UK male is 79.2 and 82.9 for their female counterparts. However, in 2017 alone there were 579 776 people aged 90 which begs the question, will your pension be enough if you lived to be 90?
Saving plans, such as pensions, were developed in another time when the typical retirement might only last a decade. Since the introduction of a UK state pension in 1908, life expectancy has increased by 36 years due to scientists tackling life shortening diseases yet the retirement age has barely changed.
Some help is available already – the government is offering a generous tax relief on pension contributions while employers will save on your behalf. It is important to start saving as early as possible as for each year you delay saving for retirement, or don’t save enough, the proportion of your annual earnings you’ll need to put aside for your “golden years” will increase.
What are your options? You can start investing into a pension scheme today and make regular contributions to it or you can also look at investing into an investment scheme that suits your risk appetite to supplement your pension income.
The good news is you don’t have to find retirement solutions by yourself, contact us for your free initial meeting today.
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