The ultimate retirement dream is actually very simple according to research1. Most respondents to a survey (94%), which questioned 2,000 respondents aged 50 and over on their aspirations for later life, answered that financial security for the rest of their life featured prominently.
Other retirement aspirations included being able to maintain one’s desired lifestyle (94%), spending time with family (90%) and being able to afford care if required (81%). The ability to afford big family events, such as weddings (73%) also featured, as did travelling (72%) and being able to support family financially (69%).
Interestingly, just over 40% of retired respondents admitted that they’ve ended up needing more money than anticipated.
Mind the gap
Many people can expect to spend several decades in retirement due to rising life expectancy. You therefore need to give careful consideration to the following:
- When do you want to retire? – This will provide you with an idea of how long you have to save before entering retirement.
- How much will you need? – What level of income will enable you to achieve your preferred lifestyle?
- What do you have? – Let’s take stock of your pension(s), savings and investments, and any other assets you currently have.
- Talk about tax – There are benefits to properly utilising the tax allowances available to you, let’s chat it through.
- Take advice – Research2 has highlighted that people who take financial advice can expect to retire three years earlier on average. Advised consumers are also of the belief they can fund their desired lifestyle for six years longer than their non-advised counterparts.
Work towards the dream in 2024
We can help you work towards enjoying the retirement you’ve always dreamed of.
1Legal & General, 2023
2Standard Life, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.