Aligning your target retirement age with your financial reality
Retirement is a milestone in life that symbolises freedom from the daily grind, allowing one to focus on the things one truly enjoys. Whether one imagines spending endless afternoons with family, travelling to new destinations, or exploring hobbies, these dreams rest on a solid financial foundation built over decades of work and planning.
Making the right informed choices that align with your long-term goals
According to recent report findings, millions of UK adults are approaching retirement more guided by intuition than careful planning [1]. The research reveals that 1 in 6 people (16%) rely on gut instinct to determine how much they will need for a financially secure retirement. Alarmingly, nearly two in five (39%) have not calculated their retirement needs at all.
What are the factors that contribute to this savings shortfall?
Research indicates that the current life stage of millennials (those in their late 20s to early 40s) is significantly impacting their future retirement plans, as short-term financial priorities take precedence[1]. The study, which surveyed 4,000 UK adults, reveals that six in ten (59%) millennials are struggling to save for retirement. In comparison, 48% of Generation Z (ages 18-26) and 39% of Generation X (ages 41 to 56) face similar challenges.
Only 48% of mid-retirees are confident their private pension will last a lifetime
A new report has revealed troubling insights into the financial confidence of retirees in the UK. Alarmingly, just under half (48%) of mid-retirees feel assured that their private pensions will sustain them throughout their lives. Despite decades of planning and saving, this leaves the remaining half grappling with uncertainty. The report paints a disheartening picture of financial security in retirement.
What you need to know about the April 2025 changes
The UK State Pension is a crucial part of your financial stability in retirement. It provides a regular income when you stop working, but it’s only one piece of the broader retirement planning puzzle.
