Get free updates - subscribe to our monthly newsletter Subscribe
According to new research from Prudential, people planning to retire in 2017 expect to receive an average annual income of £18,100, but how realistic is it to achieve this figure?
Those relying exclusively on the State Pension to fund their lifestyle in retirement will find themselves some way short of expectations - the maximum level of state pension is rising to £159.55 per week from April (£8,297 per annum) - assuming that they receive the full entitlement, so most will need to make additional provisions to plug the gap.
Anyone who is still working should seriously consider the retirement lifestyle that they wish to enjoy. The more money is saved during your working lifetime the more you can look forward to in retirement, but as we are generally living longer, the money has to go further.
Make sure you obtain a State Pension forecast so that you’ll have an idea as to how much the state will provide you with and if there is a shortfall between what you’ll receive and what you’ll need it will provide an indication of how much more you will need to save. Revisit our blog on how to obtain a State Pension forecast here.
Those who are employed and aged between 16 and 74 may be able to save into a workplace pension scheme through automatic enrolment and those who do so will benefit from contributions by their employer.
If you aren’t employed or aren’t eligible for auto enrolment then it is wise to review your retirement plans and provisions with a financial adviser, who can make recommendations based on your own specific circumstances.
Find out more about our financial planning team and how they can help youVISIT OUR FINANCIAL PLANNING WEBSITE
If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletterSubscribe
All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.