Not everyone will have to wait for their State Pension but people who are now in their 20s, 30s or 40s will. By the mid 2030s the state pension age will rise to 68 with further rises expected as longevity increases. The only safe prediction is that the state pensions will cost the Government more even with pension age rising.
But lets put this in perspective. The Victorians coined the word “retirement” when for the first time in history people were living beyond the age at which they were capable of work. When the first “old age” pension was introduced in 1909 the pension age was 70. For a married couple it was 7 shillings and 6 pence (£33pw in today’s terms) and it was means tested. Expectation of life was age 55. Using the same basis today a male could retire at 98 – 15 years beyond his life expectancy. What on earth are we complaining about?
In 1940 when the modern state pension was introduced a report said “70% of retirees lacked essential items such as clothing and fuel, medical treatment and a nourishing diet.” How our expectations have changed!
So what can we do about it? No, planning for a lottery win is not good retirement planning! For those of us within 10 years of retirement it is essential to really understand our pension plans. We must ensure they are not costing too much to run, that there is a process for agreeing a sensible investment strategy and performance is regularly monitored. There are some very good guides available at Hargreaves Lansdown. Even more importantly we should be encouraging our younger family members, friends and work colleagues to start taking pension provision seriously NOW. If pension age is being increased now goodness knows what the situation will be when they retire.
If you are happy to do your own research on line and would like to feel more in control of your own money what you may need is not a Financial Adviser but a Financial Coach. Not someone to tell you what to do but someone to teach you what to do. After all you will take much more interest in your money than any adviser would. If you don’t trust the financial services world you just have to look for a service which empowers you to get it right for yourself.
ACTION POINT
If you are one of the fortunate few with invested/pension assets of £250,000 or more and would like to know more about the One on One Personal Coaching Plan you need to email me immediately. There are limited slots which are filling up fast and when they are gone they are gone.
Important information
This document and our on going services are not personal advice. We’ll give you all the help and guidance you need to make your investment and retirement decisions, but we can’t advise you. If you’re not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser.
The value of investments/pension plans can fall or rise depending on market performance.
The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122
IMPORTANT INFORMATION
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122
