One of the retirement challenges many people face is how to handle wealth decumulation. During your working life, you’re typically working to increase your wealth, and this usually shifts as you enter retirement. So, if you’re retired or are nearing the milestone, read on to find out more about decumulation dilemmas and how you might manage them. Changing your mindset may be the first decumulation dilemma You might expect retirement challenges to focus on your money. Yet, one

While financial challenges often come up when those nearing retirement are asked about their concerns, emotional obstacles could be just as important. A financial plan might include looking at areas like your pensions and investments, but it could help you emotionally prepare for retirement as well. Here are five ways a financial plan could improve your wellbeing and confidence when you retire. 1. Financial confidence could ease concerns when you retire One of the key concern

If you’re working and contributing to your pension, you might think you don’t need to do any more retirement planning just yet. However, seeking retirement advice in your 30s and 40s could mean you’re in a better position when you’re ready to give up work. According to a survey published in IFA Magazine, putting off retirement planning is something many workers are guilty of. Indeed, it found that just 5% of Brits aged between 35 and 44 had taken financial advice to help them

When you received your last promotion or pay rise, your first instinct might have been to celebrate by splashing out on a new gadget, booking a holiday or allocating more of your money to your disposable income. However, if you overlook reviewing your finances, “lifestyle creep” could affect your ability to reach long-term goals, including your retirement plans. Lifestyle creep leads to your regular expenses rising Lifestyle creep refers to your regular expenses rising in lin

The State Pension is often a useful foundation when you’re creating an income in retirement. Yet, a survey from Just Group found that a third of people didn’t check their State Pension forecast before stopping work. While the State Pension might not be your primary income in retirement, it’s often valuable because it’s reliable – you’ll receive a regular income when you reach State Pension Age for the rest of your life. In addition, under the triple lock, the State Pension al

More people in England and Wales are celebrating their 100th birthday. It could have implications for your financial plan and creating an income in retirement. According to a release from the Office for National Statistics (ONS), on Census Day in 2021, there were 13,924 centenarians living in England and Wales. The oldest person to complete the census was 112. While centenarians represent just 0.02% of the total population, the number of people celebrating the milestone is gr

When you think about retirement planning, what challenges come to mind? While ensuring you have enough saved and that you don’t run out of money are common concerns, there is one you may have overlooked: changing from a saving to a spending mindset. To secure your retirement, putting money away has likely become a habit that you’ve embraced for decades. Perhaps you contributed to a pension, made sure your mortgage was paid off, or invested with a long-term plan. These positiv

Retiring early is a dream for many. Whether you’re looking forward to putting your feet up or going on an adventure, it’s a huge milestone and it’s important to be financially prepared. Yet, research suggests that many people retiring earlier than expected don’t have their finances in order. According to research from LV=, 47% of retirees said they retired earlier than expected. Around a quarter said they retired at least five years earlier than they had planned. For 31%, the

Figures suggest that many households aren’t saving enough to be financially secure in retirement. Calculating what income you’d need to reach retirement goals before the milestone could mean you’re in a better position to reach them. According to a report in PensionAge, only 43% of baby boomer households below the age of 65 are on track to secure a “moderate” income. The Pensions and Lifetime Savings Association define this as £20,800 for a single retiree and £30,600 for a co

Figures suggest that workers nearing retirement could find they’re facing a significant income shortfall later in life. Understanding how your pension savings will add up before you retire is crucial for creating long-term financial wellbeing. According to a report from the Social Market Foundation, people approaching retirement are facing a pension shortfall of almost £250,000 if they want to achieve their desired income. Collectively, across the UK there’s a savings gap of

If you’ve yet to retire, you may give little thought to the State Pension. But the government is currently reviewing it, which could mean millions of people will need to wait longer than expected until they can claim it. The State Pension Age is now equalised for men and women and is currently 66, but there is already a gradual increase planned. By 2046, the State Pension Age will reach 68 for those born on or after 1 April 1977. Once you reach State Pension Age, you can begi

Hopefully, you head into retirement confident in your finances and your retirement income. While your financial commitments and dependents may be fewer in retirement, it’s still important to have a safety net to fall back on when you need it most. According to a report in Money Age, 49% of those aged over 65 describe themselves as in “excellent” or “good” financial shape. Yet just 21% think they have plenty of money set aside for emergencies, which could leave the remaining p