The latest census, taken in 2011, shows that there are over 700,000 people aged 64 and over in England and Wales. and almost 6.5 million people will be turning 65 over the next decade compared with 5.2 million in the previous decade. This number is due to the soaring post-war birth rate when the Armed Forces returned from the Second World War, with the babies known as 'baby-boomers'.
With improved health care, more people are remaining active and working for longer. 23% of 65-74 year olds were still earning wages in December 2012, compared with 18% in February 2010. This trend looks set to continue for the foreseeable future.
There has been a substantial rise in income and savings among over - 55s duriing the last three years. The typical over-55 has an income of £1,444 each mnth along with £14,544 in savings, accurate in December 2012.
Despite concerns about rising living costs, the UK's over-55s are determined to enjoy the benefits of extending their working lives. Nearly half (44%) plan to travel more, while others would like to spend more time in their gardens. Socialising and spending time with the family are also high priorities for people when they retire.
Motivation and philanthropic intent already have people intending on retiring to return to voluntary work or charity work once they have retired. Many give the reasons to give back to the community and also to get out of the house and staying active.
The first 'baby-boomers' are setting a model for later life, getting the most out of their improved health and the freedom to work longer. Earnings and savings potential are being boosted in the process.
The key to getting the most out of your retirement is to start planning now. Find out how your investments are doing, find out how to make your money work for you and your potential future.
Good financial adivisors are hard to find so look no further than:
Jo Gliddon Wealth Management Ltd - a reliable and trusted Financial Advisor offering a second-to-none, bespoke service for clients’ in Barnstaple, Bideford and North Devon who are looking for expert financial advice across a wide range of financial products. Give her a call on 01271 308090 for jargon free financial advice you can trust.
Philip J Milton & Company Plc - an established, fully independent financial adviser and discretionary investment manager providing clients in Barnstaple, the UK and internationally with a reputable, comprehensive and trustworthy service. Call on 01271 308095 for expert advice on a range of products.
Thebestof Barnstaple wish all our retirees or soon-to-be retirees a very happy, healthy and prosperous retirement, whatever your plans!
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