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Will I be able to retire when I want to?

Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?

Raising of the State Pension age

Encouraging individuals to save longer for their retirement

The normal minimum pension age (NMPA), currently 55, is the earliest age that members of a registered pension scheme can draw their benefits without incurring an unauthorised payments tax charge, other than in cases of ill health or where they have a protected pension age.

Develop a robust retirement plan

Having a good idea of the lifestyle you want is key

People planning for retirement should think hard about what they want to do when they eventually stop work. It is helpful to have a good idea of the lifestyle you want, how much it will cost and how you are going to pay for it.

Triple lock set aside

State Pension is still the bedrock of many pensioners’ retirement income

The earnings benchmark of the State Pension triple lock has been temporarily set aside for this year. The Department for Work and Pensions (DWP) confirmed on 7 September 2021 that the State Pension triple lock rule has not been applied for the current 2022/23 financial year over concerns of the potential costs involved.

Non-retirees

It’s never too late to think about saving for retirement

How much do you think you’ll need to fund your retirement? Of course, the answer to that question will depend on what you want to do when you stop work. Worryingly, almost half of non-retirees (46%) are unable to identify how much they believe retirees receive annually from their State Pension, according to a survey[1].

Failure to save enough for old age

Meeting the financial demands you may face in later life

The significant increase in property prices in recent years has likely shifted many people’s expectations of the role property wealth will eventually play in supporting their retirement. With people spending longer in retirement, one of the challenges that many need to overcome is how to fund it and how to meet the financial demands they may face in later life, such as the cost of long-term care.

Planning for the future

Insight into the hopes, fears and aspirations of people approaching and in retirement

People aged between 55 and 64 are now less confident about their retirement than they were a year ago, with over-55s most likely to be worried about rising prices.

Midlifers set to be impacted twice by the cost of living

Financial planning essential to help balance priorities

As the cost of living crisis continues to rise, midlifers are set to be impacted particularly hard. This is because many midlifers are still paying off mortgages and other debts, while also trying to support their families. This means that they often have less disposable income than younger people.

How to improve your financial health

General principles to help you attain specific goals

The cost of living crisis is putting immense pressure on many households across the country. In order to make ends meet, some people are cutting back on their spending and looking for ways to save money. One of the best ways to save money is to set goals.

Starting a family

What steps to take to prepare financially

Having a baby is one of the most exciting, life-changing events that you’ll ever experience. But along with the joy and happiness that comes with starting a family, there is also the reality of the added costs.