|
After 40 years of an average working life, retirement
at 65 should mean 20 years or more in retirement. If you had
been contributing to an occupational pension scheme for all
of those years, then you might retire with half or two-thirds
of your final salary depending on the scheme to which you belonged.
However, these types of schemes are very much a thing of the
past.
Most people do not manage to accumulate maximum
contributions because they haven't benefited from such a scheme
during the whole of their working life. So, unless they have
supplemented with additional contributions, they will face retirement
on a much reduced pension income.
Those people who never belonged to any occupational
scheme and who never made contributions to a Personal Pension
will face retirement on the State Pension.
Could you manage on £77.45 per week as
a single person or £123.80 as a married couple?
You also need to ensure that you have capital
available to you during retirement to replace the car every
few years, replace clothing, furniture and fittings, maintain
your home, pay for holidays and other treats for yourself and
your grandchildren ! In fact, most of the same things you spent
your money on before you retired!
So what will your income be at retirement? What
savings will you have to service all life's other little necessities?
If there is roughly just 40 years available to
save the money necessary to pay for 20 years of retirement,
then ask yourself how many of those years have you missed out
on already!
Our training equips us to advise on all aspects
of Pensions, Corporate Group, Director Small Self Administered
Schemes, Executive and Personal. Also the especially complex
area of pension transfers.
|
