Saving for retirement

The Value In Thinking Ahead

Retirement is something most of us look forward to − particularly on a Monday morning. However, those thoughts are often little more than a whimsical cocktail of not having to work and prolonged holidays. The reality could be rather different.

For a start, retirement has increasingly become a gradual process, with part-time work often playing an important role.

The latest data from the Office for National Statistics (ONS) show that 14.5% of men and 9.0% of women aged 65 and over are still in employment.

Ensuring you have enough to live on in retirement, however, isn’t straightforward. In 2022 the Pensions and Lifetime Savings Association calculated that a couple who wish to enjoy a moderate standard of living in retirement need a net annual income of £34,000 (£41,400 in London). The impact of higher inflation has probably added about 10% to those figures. Not planning adequately for your later years could have a serious impact.

Please note that all examples included in this guide are fictitious.

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This publication is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority (FCA) does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of the Finance Bill and the law and HM Revenue & Customs practice as at 2 January 2024.