DBL NewsRetirement

Can I afford to retire?

By 16th December 2019 No Comments

Retirement has often been described as the longest holiday of your life. But as attractive as that sounds, can you afford to pay for the holiday?

Research by one leading insurance company shows that 69% of people over the age of 50 are concerned about their income in retirement.

Many people underestimate how much income they will need when they retire. If you have been used to having two cars, going on foreign holidays and eating out, it is unlikely that you will want to give those up, simply because you have stopped work. In fact, many people find that their need for income actually increases, when they retire. After all, if you are behind a desk all day, the only money you will spend will probably be on a sandwich at lunchtime. Contrast this with how much you spend on a day off.

As worries about income in retirement increase, so do people opting to keep working after their normal retirement date.

Many people, who have their own business, argue that my business is my pension. Again, that works well in theory but it assumes that you can sell the business for the price you want, at exactly the time you want. With technology changing ever more quickly and more and more businesses losing market share to the internet, relying on your business to fund your retirement can be a high risk strategy.

More than any other aspect of financial planning, your retirement demands careful consideration. From checking on your likely state pension to tracking down any previous pensions you might have, to making sure you are contributing sufficient to your current pension retirement planning, needs to be done thoroughly and reviewed regularly.

If you are in any way worried about your provision for retirement or you would like advice on any aspect of pension planning, then please feel free to contact us.