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How will you cope in retirement?

As the UK population continues to live longer there is a growing need to reassess and restructure the UK pension system and assistance for those in retirement. As we have seen over the last few weeks, more and more final salary pension schemes are closing to new members and indeed many are transferring to money purchase schemes with significant bonuses for members who agree to the move. In some cases these potential transfers to money purchase schemes are going ahead no matter what members think. So what does the future hold for you? Are you ready for retirement?

As the cost of living continues to increase in the UK it appears that more and more people are unprepared for the future and will ultimately struggle to maintain their current lifestyle in retirement. When you consider that many people will work potentially 40 years plus in the hope of a comfortable retirement, the reality for many is very different. This is the reason why it is essential to take retirement advice at the earliest opportunity, hopefully soon as you move into employment!

Those who think it is too soon to consider retirement when in their 20s will be those who do nothing in their 30s, 40s and 50s and ultimately struggle to maintain their current standard of living. Act now to prevent any disappointment and potential financial disasters.

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