So, what will your ideal retirement look like? We all have our own unique dreams about that precious place where work is no longer a necessity. A t
So, what will your ideal retirement look like?
We all have our own unique dreams about that precious place where work is no longer a necessity. A time when we are doing all the things we love to do – all of the time. Maybe this will be a time to explore, travel and find adventure, or it may simply be about finding a relaxing space with your loved ones where you can just watch the world go.
There is one factor however that we all need. And that is the funds to make it all happen. So how is it in the modern western world so many people are finding themselves wanting, when it comes to pensions? How is it dreams remain out of reach because we just don’t have the money put by?
Retirement of course has its downsides
Well, as much as retirement can be a time of joy, freedom and reward, it is also an ending. We don’t perhaps look forward to it with relish because only too often old age is a time which comes with worrying health implications. It is a time when we are likely to become less central to “what is going on in the world”. We are slowing down and looking towards the end rather than enjoying the main event itself. So, we tend to put thoughts of the retirement age and pensions to the back of our minds.
Greater medical knowledge
This is a great pity because as well as the state offering support through a retirement pension, we can also bump up those funds with a private pension. This can be attained through our work or just as an extra investment. Also, in the 21st century we are all living longer. Medical knowledge, greater skills and technology have got so good now (eat your heart out Covid-19!) that reaching the age of 100 is now almost the norm rather than a rarity.
Education is sorely missed at school
I must admit when I was a kid, anyone in their thirties seemed ancient! Perhaps its all just too far away to contemplate when you first enter adult life.
Some would say children are just not given enough education about pensions at school. Now that retirement could be as long as one third of our lives, we should ensure our kids have the information they need for the latter part of their lives too. After all, we impress the work ethic – surely we should support them with clear guidelines around their later life. Pensions should be explained – they are complex enough for most people.
Prepare for what could be the best part of your life
Our environment changes all the time. Covid-19 may affect investments which may in turn affect an individual’s pension pot. How long you work will affect your state pension. The fact is that we are living longer, and retirement is now such a substantial part of most people’s lives. As things change around us, we need to adapt educate and look to the future. If we prepare, retirement really is going to give us something to look forward to.
For more information on pensions get in touch with an FCA regulated adviser, such as Portafina or visit Pension Wise.