Importance of Retirement/Pension Planning

We all know it’s important to plan for retirement, but many of us are still not planning well or early enough.

Despite all the media headlines and Government initiatives, many of us still have a ‘tomorrow will do’ attitude. This is worrying for one simple reason – we are going to live longer than most of us think.

Those approaching retirement today have many more opportunities and challenges to face than their parents ever did. There are also many more ways to fund retirement, adding to the confusion about how to best prepare for all your needs.

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Importance of Retirement Planning
Pension Plan

Pension Plan

In 1900, life expectancy at birth in the UK was only 46 years for men and 53 years for women. Just over a century later, life expectancy at birth has increased by around 30 years, reaching 79.0 years for men and 82.9 years for women (source: ONS – National life tables – life expectancy in the UK: 2018 to 2020).

Clearly, life expectancy is increasing, and the higher likelihood of us living longer into retirement presents an important question – will we have enough money to enjoy the lifestyle we desire and to last us once we have stopped working? …and prosper?

No Obligation Consultation

Types of Pension Plans

Some of us are planning our pensions. But few of us plan for ‘late retirement’. This is a period from our mid-70s and onwards when our expenses can rise faster than our pension income can keep up with.

This can happen for various reasons. It could be because we need more help around the home or even that we require nursing care. Then there are unexpected expenses like replacing the roof, health care, or financial help for our families.

But these days, it’s just as likely to be because the older generation is leading a more active life through travel, work or leisure. And don’t forget our old enemy – inflation. It continually eats away at the value of our money over time.

No Obligation Consultation
Types of Pension Plans

Forward Planning

This problem has been at the root of much of the recent innovation in the retirement market. Getting sound financial advice throughout the different stages of retirement will help identify which products can help you achieve the income you need.

Although it may seem a long way off, making robust financial plans now for late retirement will give you the peace of mind to enjoy your early retirement years – safe in the knowledge that you will be able to live the lifestyle you desire further down the line.

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

The value of investment and any income from them can fall as well as rise and you may not get back the original amount invested.

No Obligation Consultation
Forward Planning
nick green

peter@fatgreen.co.uk

0333 050 0088

07866 751 415

Connect with Peter on LinkedIn

Peter Blacklock
Peter is one of the UK’s leading Insurance and business advisory specialists with a track record of building and selling Insurance businesses.

He advises boards and investors in the capacity of CEO, C.A.P.O.W. Consulting, drawing on three decades of experience. Peter’s knowledge of Insurance is unrivalled having had extensive exposure to personal, family and business protection insurance.

Peter is passionate about the North of England and a life-long Sunderland fan and sports coach.

nick green

Anny Lian

anny@fatgreen.co.uk

0333 366 0988

07908 355 781

Connect with Anny on LinkedIn

Anny was an Investment Banker and CFO of a high-growth company working across Asia, America and now Yorkshire.

With a background in Finance, Anny understands the importance of financial planning and the value of saving and investments while putting together optimal protection plans for businesses, families and individuals.

Anny is also passionate about empowering women financially and boosting women's financial confidence and financial literary.

As an active member of the UK SME sector, Anny accepts invitations to encourage and mentor aspiring future female business leaders.

nick green

Nick Green

0333 366 0988

Connect with Nick on LinkedIn

Nick is the Practice Lead for C-Suite and Private Equity with Nigel Wright, a leading recruitment agency.

At heart, Nick is an entrepreneur who has co-founded two companies, including Fatgreen. Fatgreen arrange Business Protection insurance solutions for SMEs, Private Equity and Venture Capital Investors.

Prior to co-founding Fatgreen, Nick spent two decades in Executive Search, providing recruitment solutions for Investment Banks, Private Equity firms and their portfolio companies. Having dealt with people all his career, he understands the intrinsic link between creating financial value and people.

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