Pension freedoms bring optimism and adventure to retirement
Will I ever slow down? Do I have the right plans in place? Retirement is a chance to do more of what you enjoy. figures released as part of LV=’s tenth annual State of Retirement report[1] indicate that, far from winding down, retirees are making the most of their time, with signs that pension freedoms have made people even more likely to feel this way. Half (49%) of retirees now say they view their post-work years as an exciting phase of life, with many using their free time to learn, see and experience new things.
Higher inflation and near-zero interest rates mean the responsible thing to do could be to invest rather than to save
Many of us have been brought up to believe that saving is the responsible thing to do. But in today’s environment of low interest rates and rising inflation, savers may need to consider becoming investors to prevent the erosion of their assets.
Matching the living standards of those who have already retired
Retirement can mean different things to different people. Understanding how much it will take to provide an income for yourself and potentially a spouse, while also ensuring you are able to leave something behind for your loved ones after your death, is essential.
Pension saving high up on the list of workplace priorities
Workers from the so-called ‘millennial generation’ are putting pension saving high up their list of workplace priorities. Nearly six in ten (57%) people in their first ten years of work considered the quality of their current employer’s pension scheme before deciding whether to take the job, and they will also assess any potential new employer’s pension scheme before moving jobs in the future, according to research from Prudential[1].
Repeated payouts to children could have a detrimental impact on your own long-term saving
Many parents who are in a position to do so would want to provide financial help to their children. However, in many cases, this financial support ends up being gifts from Mum and Dad rather than the loans from the Bank of Mum and Dad they start out as.
