Are you saving enough for your retirement?
While the recent economic downturn has hit many people in the UK there are concerns that it has exposed a lack of preparation for the future and for retirement. It is believed that almost half of those over 55 do not have any monthly savings plans in place and indeed 20% are estimated to owe at least £75,000 on their mortgages.
The very fact that the situation for those over 55, and struggling to put money aside, will have worsened over the last two years is another major concern and will ultimately impact on their standard of living upon retirement. There are growing concerns about the lack of planning for many approaching retirement with pension pots having fallen by over 50% over the last decade and annuity rates under pressure. So is it too late to put money aside today?
While it is never too late to start saving for the future, for those approaching retirement the benefits of putting money aside for tomorrow will be less than for those who start saving at an earlier age. While many of us automatically assume that the state will assist us in our later years the truth is that the real value of the state pension is likely to fall in the future and the push towards personal pensions and personal financial planning continues.
Share this..
Related stories
Is This The End Of Final Salary Pension Schemes?
News that the UK's top 100 companies have seen a massive fall in their pension funds values has led to suggestions that the end of the final salary pension scheme is nearing. In total the top 100 companies in the UK saw pension fund values fall from a surplus of £12 billion this time last year to a deficit of £41 billion today. The trend is being replicated across the board in the final salary...
Read More500,000 people to use pension to pay off mortgage
28/08/2015 Over half a million people in the UK are planning on taking advantage of the pension reforms to help repay their mortgage, according to data from annuity provider Partnership. 9% of 40 to 70 year olds will be looking to clear their mortgage with a lump sum taken from their pensions. A further 25% are aiming to pay a lump sum from their pensions to their mortgage to try and reduce...
Read MoreThe costs of buying a property with a SIPP
It is possible to use your Self-Invested Pension Plan (SIPP) to purchase a property. However you must bear in mind that there are costs involved in buying property using your SIPP, all of which have to be paid by the SIPP itself. These include; • Surveyor's fees (including any environmental surveys) • Solicitor's fees • Searches • Stamp duty • VAT - if appli...
Read More38% of people to take advantage of pension freedoms
26/02/2015 A new study conducted by holidaycottages.co.uk shows that 38% of people over 50 are looking to use the new pension freedoms to access additional funds from their pension. Out of these people, 20% would use the money to invest in property. The new pension reforms, being introduced in April, mean that savers over 55 will be able to take out 25% of their pension tax free, and will o...
Read MoreEmployees may be missing out on higher pensions
25/02/2015 Many employees of the UKs biggest companies are not taking advantage of opportunities to increase their pension pots, research from consultant firm Towers Watson has shown. Staff in large companies are not taking up all the pension contributions on offer from their employers, missing out on large amounts of money, the research found. Many large companies offer pension contribut...
Read More