As we get older the burden of pensions and saving for retirement becomes an ever growing concern because we want to live comfortably and enjoy our later days stress-free. Questions such as: ‘Will I have enough saved?’ become more frequent. As I allude to in my weekly LinkedIn post, the proposed pension overhaul coupled with the EU referendum campaign has led to increased uncertainty. Assumptions are mostly dangerous, so remaining up-to-date with the constant pension regulation adjustments is of paramount importance.
Referring any questions you may have to professional financial advisers who will be able to help you plan for the future might be worth considering. They have the expertise and access to solutions that will help allow you to enjoy a more relaxed retirement, free from the worry of whether your finances will last.
So, back to the original question: can 'most' people afford to retire? To answer I once again turned to William, the rational investor, who was kind enough to lay out all the facts concerning the UK. The research, based on very broad figures, indicated that 55% of people can afford to retire if they invest in a medium-risk portfolio or 45% if the preferred method is savings. The two most important conclusions coming out of our short study are: a) It is absolutely critical to start early, which means that a person leaving university should already possess enough financial knowledge to start investing. b) The choice of adviser could make a big difference for the level of comfort one seeks during retirement.