Do you have any concerns about retirement? Perhaps the lifestyle change, health worries, in addition to financial considerations? Whatever your worries, it’s likely you’re not alone in focusing on the potential negatives of this exciting, yet unknown phase of your life – however far off it may be.
A recent survey of financial advisers has highlighted what clients are most concerned about when it comes to retirement. Some 71% of respondents responded that the most common client fear is running out of money1. Meanwhile, 64% of advisers cited the cost-of-living crisis as a cause for concern, and just under half (49%) mentioned the cost implications of long-term care. All understandable fears, unfortunately underscored by the substantial increase over the last year in the amount needed to fund a moderate retirement2.
Stay grounded
The study shows the retirement wishes of many remain grounded, with over three quarters (76%) of surveyed clients hoping to maintain the same standard of living in retirement. Helping the next generation financially is a hope for almost two thirds (65%) of those surveyed.
Retirement planning pays off by ensuring financial security, maintaining independence, reducing stress, enabling goal achievement, providing for your family and thinking about their future too, clearly a priority for many, whilst also balancing your financial needs. You work hard and deserve to enjoy your retirement unconstrained by financial concerns.
1Aegon, 2024, 2PLSA, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.