Retirement. It always seems such a long way off, doesn't it? Just like all things in life, it's one of those things that will suddenly creep up on you before you know it, and if you don't plan and prepare your finances correctly, you might not be able to live the lovely, relaxing high life you always dreamed of.
That's because, according to a survey carried out by YouGov on behalf of Age UK, Only 17% of those polled said they would be financially secure enough to give up their job at retirement age.
Relying solely on your state pension?
If you are relying on the state pension to see you through your retirement, it is worth knowing that, thanks to an independent review by John Cridland, the state pension age will raise to 68 by 2039, meaning that millions of people will have to wait an extra year before they can access their entitlement.
But what exactly is that entitlement? Those who reach state pension age on or after 6 April 2016 and with a full 35 qualifying years will receive the flat rate of £159.55 per week.
Think about the lifestyle you'd like to have when you finish working, do you want to be constantly worried about money, always giving every decision a second thought in case you can't afford it? Or do you want to use your free time effectively to do all the things you've always wanted to do? Can you do that on £159.55 per week?
Having enough money to be able to live comfortably in retirement takes discipline and forward planning, but if you want to lead a full, happy, and carefree life throughout your non-working days, or even retire early, this preparation needs to happen sooner rather than later.
At SMC Financial, we are able to provide a wide range of bespoke advice to individuals to help them plan their finances both for now and for the future. We are fully qualified and highly experienced in pensions and investment management and because we are completely independent we can look at the whole of market for our clients to offer tailored advice to their own unique needs. If you'd like to plan for your retirement, we'd love to help you, just get in touch on 0151 372 0161.