10 Apr 2012

Retirement Planning - The New Reality

Retirement Planning - The New Reality

News and Views from Duncan Mellis, Financial Adviser regarding Retirement Planning in today’s market.

News and Views from Duncan Mellis, Financial Adviser regarding Retirement Planning in today’s market.

Over the past four years, we have been in the grip of a world economic crisis as governments, regulators and financial press have tried to learn from the lessons of the 2008 credit crunch and its consequences.

It is generally accepted that once this storm is weathered there are likely to be long term changes brought on by these events and how we should view retirement planning.

Most analysts are concerned about how individuals view retirement planning as long term demographic changes are affecting the viability of long-held assumptions about pensions.

People are living longer and the age structure of the population is changing with a smaller number of people working providing the tax revenues to fund a bigger population of pensioners. In retirement there is an expectation that we will have the ability and resources to keep doing the things we did while we worked but how will this happen on vastly reduced incomes?

A recent Schroders survey of 1,400 investors across Europe shows that UK investors are  three times more likely to want a high standard of living in retirement than to retire early. Expectations have changed over the last 20 years and a reality check that retirement can be expensive has perhaps set in.

Government and employers’ across the developed world will struggle to deliver the pension pots which were seen in" the good old days."

You will be aware that final salary schemes will continue to be in existence for many years for existing members but are generally closed to new members.  With the reduction of state pension benefits and increased retirement ages the net effect will be to pass increasing levels of responsibilities on to individuals to cater for their own retirement planning.

From an early age the general public need to consider  retirement planning as a key part of their  financial planning rather than the long held belief that the state will assist or it can wait until I am old!.

If you have no plans in place or even if you do have a pension plan or maybe even several funds in force  it is well worth getting a retirement check up- there may be an easier route to follow in ensuring retirement is the  life you wish to lead  rather than just an existence!

Duncan Mellis, Financial Adviser

Regulated by The Law Society of Scotland.  Authorised and Regulated by the Financial Conduct Authority

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