Despite the doom and gloom of the economy and the raising of the state pension age, latest research conducted as part of the Changing Face of Retirement have found that nearly three quarters (72%) of 45-65s who aren’t retired still plan to retire between the ages of 61 and 70. This is a really positive statistic, especially with the continual negativity surrounding pensions in the press.
John Lawson, Head of Pensions Policy at Standard Life has said: “The current financial crisis has brought into sharp focus the need to make and review appropriate plans. This will clearly be challenging but there are many things you can do to make your retirement years as secure as possible.”
As part of the Changing Face of Retirement research, Standard life has published a list of top tips to help people re-engage with their financial planning.
Tips for your retirement financial planning
1. Don’t panic!
2. Seek professional financial advice
3. Continually review your financial goals
4. If you don’t have one, make a plan.
5. Ask for a state pension forecast (and calculate your state pension retirement age)
6. Review your investments
7. Consider deferring taking the state pension at your default retirement age – for every year you defer taking benefits you can increase the pension by 10.4%3
8. If you have moved jobs, ensure you have kept your old employer up to date with address changes so you can claim any workplace pension when you retire.
9. If you can, increase your savings
10. If you’re a higher rate tax payer, ensure you claim the tax-relief. Standard Life estimates 300,000 people are not claiming this currently (Tax relief may be altered and its value depends on individual circumstances)
Photo credit: Kongsky