We need to start thinking about our pensions?
Do you know how much money you will need for retirement? Do you know how much you have already saved? For most people, the answer is no. Even though national programmes have been put in place to try and tackle this problem the UK is still going into a pension crisis. According to a recent survey by NFU Mutual more than half of people aged between 25-54 years old say that they feel nervous about their retirement money. Furthermore, less than one in 10 people were confident they would be financially comfortable in retirement.
On average after a lifetime of saving there is £61,897 in an individual’s pension pot. Assuming you retire at the age of 65 years old a typical annuity may pay as much as £2785.36 per year for the rest of your life. If you add your state pension to this (you will have to have made National Insurance contributions for 35 years to receive the full state pension) which is currently £168.60 per week, this will mean that you will have £11,552.56 each year which is more than £3000 below a full-time minimum wage job (based on a 35-hour week). Would you be able to live on this? This is why you need to start thinking about you pension plan as soon as possible and plan how much you would like in your pot and think about how you are going to achieve this.
How can we help
At Hawsons Wealth Management our team of financial advisers will be able to give you expert advice about how to prepare for retirement. Our experts can help you find the right pension for you and help you meet your retirement goals. There is no simple answer to the amount you will need. It depends on the individual and their lifestyle.
If you would like to book a free initial meeting with one of our financial advisors click here.
If you would like to find out more information about our services visit our website here.
Free initial consultation
Director of Hawsons Wealth Management Limited
0114 229 6557