So, you want to retire before the ever-increasing state pension age, do you?

That’s great!

But did you know that a retirement report conducted recently in the UK for people over the age of 50, found that a whopping 45% of them who took part, fear running out of money in their retirement years.

With good reason!

And that’s because the UK state pension alone will fall short for most people to be able to retire on, let alone happily, or to keep the lifestyle they are accustomed to living. It’s a grim picture – but a realistic one.

It is important to remember, that once you eventually do retire, unless you have other forms of income coming in that are guaranteed, all you will actually have is what your pension pot releases to you. Sadly, because of this realisation coming too late for many, we are seeing more and more people who are past the retirement age taking on a part time job in order to be able to cover the basic costs of living when they should be enjoying life.

As it stands today, the “New” UK state pension pays ￡9110.40 per annum – which amounts to a very pitiful ￡175.20 per week. And as we all know, the UK pension is notoriously one of the lowest paying state pensions in the whole of Europe, especially considering the amount of contributions that you need in order to qualify for it. To qualify, you will need to have contributed a full 35 years over your working life.

Once again, the realisation comes late, and they quickly find that they have not contributed enough. Unfortunately, as a result of this, this means they do not qualify for the full state pension. Clearly, the importance of looking at alternative retirement options can’t be stressed enough.

The state pension retirement age is currently set at age 66, soon to increase to age 67 and by the end of the decade it will have increased yet again, to age 68. With current clinical advancements in health care, and life expectancy always on the increase, it would not be surprising if we see the state pension age creep into the early 70s. As a result, all those who are currently under the age of 50 will have to work longer. And if they don’t begin the process of looking at alternative retirement planning aside from relying on the state pension, they could also find themselves with a very different retirement situation than they originally planned for.

If you desire to have more than the bare minimum throughout your well-deserved retirement years, you should be addressing this very important subject as early as possible. The earlier this is done, the easier it is to reach your savings goals and objectives by your chosen retirement age. 

Peace of mind doesn’t have a price tag – but fear does. 

The longer and later you leave it, the more financial risk you will need to take in order to achieve the same goals and objectives. 

Don’t put off to tomorrow, what you must do today!

If you would like to book a completely FREE and no obligation discussion with an expert regarding your own retirement plan, goals, and objectives – please don’t hesitate to contact me TODAY. We look forward to helping you put your plans and dreams into action. 

Andrew Murphy - Private Wealth Associate

Private Client Consultancy

+351 281 023 515