Existing clients can use these links to log in to the Infinity dashboard. Not a client? Why not get in touch to find out about our services.
The good news: we are all living longer. Average life expectancy in the UK is rising with one in three of babies born today reaching their centenary. The bad news: most of us are underestimating how long we will live, and failing to save sufficient funds for our retirements.
In addition, there are fears that the relaxation of pensions legislation in the UK in the March 2013 budget, which has given pensioners unprecedented freedom in managing their pension pots and enabled them to take out lump sum payments, will lead to retirees tucking into their pension pots early to indulge themselves with fancy cars and exotic holidays, leaving them high and dry later on in their retirements.
Pensions minister, Steve Webb, brushed these fears off last month when he famously remarked that “If people do buy a Lamborghini but know that they’ll end up just living on the state pension, that becomes their choice”. However, as Shadow Chancellor Ed Balls put it, ‘What happens when the money runs out ? Who then picks up the tab?’.
In what some are seeing as a knee-jerk reaction to these criticisms, Mr Webb announced this week plans for pensioners to be given an estimate of when they might die, in order to assist them in managing their finances. By looking at lifestyle factors such as eating habits, smoking and exercise, socio-economic background and hereditary factors as well as where in the country they are from, pensioners would be given their estimated life expectancy figure. This could be used to help them determine how much they can afford to spend and how much they should keep in savings.
The problem is that even with this knowledge, which is after all only an estimate, many of us do not have the expertise or knowledge to put into place a coherent plan for our retirement funds. In addition the figure will change as we age – it is much easier to predict an individual’s life expectancy at 75 than it is at 65 – which will necessitate constant updates to these forecasts. There remains a very real threat that millions will face financial hardship as a result of failing to budget sufficiently for the full duration of their retirement.
One way to avoid this is by taking professional financial advice. A financial planner does have the expertise and knowledge to help you to properly plan for your retirement and can put in place a strategy to ensure that financial hardship is kept at bay, however long you live.
This Site and the Content are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of Hong Kong (or located or established in) any other jurisdiction where the use of the Site would be contrary to applicable law or regulation or would subject Infinity Financial Solutions Limited to any registration or licensing requirement in such jurisdiction.
Persons (or entity) who is a citizen or resident of Hong Kong please click on the link below to access our Hong Kong Site.