Luckily for all of us healthcare and living standards are improving and so is our longevity. A 65 year old man is now expected to live until almost 83† and a women even longer. This, along with the attraction of early retirement, means some of us could be looking forward to a happy retirement lasting perhaps more than 30 years.
However, as birth rates fall the nation’s workforce diminishes and is less able to support our growing ageing population. So, whilst we may be looking forward to putting our feet up and enjoying our retirement, we need to ask a very serious question; is our pension provision good enough to pay for it?
Act now to ensure your pension is adequate for your retirement plans. Start by understanding what pension provisions you have already. How many companies have you worked for and how many offered pension plans? How many plans have you taken out yourself? What other provision do you have – e.g.: savings accounts, investment plans, perhaps a second house or even your own business. Remember, your pension fund could end up as one of the largest assets you have, but how much is it actually going to pay you? £10,000 might buy you a one-off luxury trip round the world, but it is not so impressive if you need to plan many years of holidays.