Have you thought about how you want to spend your retirement and whether the income you will have, once you no longer work, will be able to support your lifestyle? These days for many people retirement is not something that happens on a given date, with a known and fixed income for life but more of a gradual process, and one which relies to some extent on future investment performance.
To help individuals in their planning the Pensions and Lifetime Savings Association conducted research with Loughborough University into the differing lifestyles of retirees in the UK and what this means for the income they will need to support their dreams and aspirations.(1)
Their findings showed that a single person could get by on around £10,500 a year, not much more than the State pension, but that to be comfortable a couple would need around £48,600 per year. Those living in London and the South East could expect these figures to be 15%-25% more reflecting higher living costs.
All respondents agreed that it was essential not to have to worry about money in retirement.
That is where we come in. Whatever your retirement dreams, we are experts at helping families achieve their preferred retirement living standards and can help you tailor your pensions and investments to provide for your retirement.
We helped you invest your pension pot with Aviva through our Retirement Adviser division. If you would like to review that investment now or would just like to chat about the options, you will have when you are ready to draw your income, or how to build it up more before then and how other investments can play a part in your retirement living standard, we would be pleased to hear from you. You can contact us here and one of our advisers will contact you for a no obligation chat.
LEBC Group is a regulated financial adviser and can offer advice on a wide range of personal financial issues, we are regulated by the Financial Conduct Authority so as a customer you enjoy the consumer safeguards that provides. To find out more about us please visit our website www.lebc-group.com or call 0800 055 6585.
Kay Ingram
Public Policy Director
May 2021
1. Pensions and Lifetime Savings Association Retirement Living Standards
While Investing your capital is at risk.
A pension is a long term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken.
The information contained in this article is based on the opinion of LEBC Group Ltd and does not constitute financial advice or a recommendation to any retirement strategy, you should seek independent financial advice before embarking on any course of action.
A pension is a long term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken.
The tax treatment of pensions in general and tax implications of pension withdrawals will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future.
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