What does your perfect retirement look like?
Do you plan to emigrate somewhere exotic with guaranteed sunshine to warm your aging bones or would you prefer to stay close to family, helping out with grandchildren, surrounded by your loved ones?
Do you want to keep working into your sixties, or even seventies, because you love your job (rather than needing to financially) or do you want to stop working earlier and have plenty of time to indulge your passions?
Would you prefer to remain in your own home until the end or move into a retirement home where you can see out your days in comfort while others look after you?
And the biggest question of all: will you have the retirement income which offers you the luxury of choices such as these?
Sadly, for many, the answer to this last question is no.
In 2017 the Financial Conduct Authority (FCA) in the UK carried out a survey into retirement provision which concluded that 49% of the 13,000 adults questioned did not have a retirement plan. The then Chief Executive, Andrew Bailey, warned ‘Around 15 million people, or a third of all workers, are not saving towards their retirement, and the state pension is not enough to maintain their living standards.’
So there you have it in black and white: if you fail to make your own retirement provision the choices you will be faced with won’t be nice ones like deciding between staying home or travelling or whether you will spend the day playing golf or lunching with friends but stark ones such as whether to carry on working even though your body is screaming to stop or retire and choose between eating and heating because your meagre state pension won’t stretch to both.
Whether you are in your 20s with a long career ahead of you or in your 50s and approaching the end of your working life if you aren’t already saving for retirement, what is stopping you?
- Do you struggle with a lack of knowledge and understanding around retirement saving?
- Do you have negative emotions towards retirement?
- Is other expenditure taking priority?
- Do you think you can’t afford to save?
- Are you afraid of facing the future?
All of these are entirely understandable worries and concerns, and you’re certainly not alone if any of them apply to you, but the ostrich approach to difficult questions has never been a good one! Procrastinating over retirement saving is only going to make the situation worse because the shorter the amount of time you have to prepare for your retirement, the harder it is going to be. The advice is clear: START SAVING NOW!
As a first step, you’ll need to work out how much you need to save to have the retirement income you desire. There are loads of retirement calculators and other tools online but why face your fears alone when there are qualified professionals who can address any fears you have about investing for your retirement and help you take control of your financial situation?
At Infinity our mission is to help our clients face their home truths and to set and ultimately reach their financial targets, including a pension fund which will give them the luxury of choice in retirement. And our clients aren’t all millionaires but ordinary people like you who just need a helping hand to work out their targets and the route to achieving them.
We’d love to put you in touch with an adviser near you to ensure that you enjoy the retirement of your choosing. Why not give us a call?
A leading provider of expat financial services and wealth management services across Asia.