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A long and healthy retirement sounds great, doesn’t it?

It’s certainly a goal many of us hope to achieve in the future. And thanks to rising life expectancy, there’s a possibility your retirement could last 30 years – or beyond.

There’s no denying this is a positive thing.

But equally, the prospect of living longer could mean your savings may have to stretch that much further. And to put it plainly – last as long as you do.


We all want our money to last in retirement

That’s why it’s really important to plan well – as early as you can.

Louise Allott, Financial Adviser at NAHT Personal Financial Services, says, “Without a crystal ball, we know it’s impossible to guess exactly how long you’ll live for. Yet considering your possible life expectancy can help you plan towards a retirement income that will allow you to enjoy the lifestyle you want and to do those special things you’ve worked hard for.”

Of course, rising life expectancy isn’t the only thing to bear in mind when preparing for retirement. There are other key factors.


Planning for a more confident retirement, no matter what lies ahead

One of the first things to consider is long term care costs. Not the nicest topic to think about – and hopefully you’ll lead a healthy retirement.

Still, it’s important to keep in mind these types of costs in your retirement plans – should you or a loved one ever need care in the future. Especially because they can be very expensive.

The next thing to consider is inflation (in other words, the rising cost of living).

Over time, it is normal for the cost of everyday items to increase – with products and services you buy now, most likely costing more in years to come. For example, in 1980, a loaf of bread cost an average of 34p. Now, the price of a loaf is over £1*.

Likewise, if you were to save your money under your mattress, its value would probably be worth much less when you come to retire. Simply because it’s buying power will be less.

Louise adds, “With this in mind, it’s worth considering keeping your retirement savings in a suitable place – such as a pension or investment – where it has more chance to grow in real terms over a long period.  This is providing you’re comfortable with the potential risks involved.”

The state pension, if you’re able to receive it (and have made enough National Insurance contributions over your lifetime), is no doubt a useful income boost for anyone in retirement.

Currently, the state pension for each person is £9,339.20 a year. This can cover the basics in retirement – but is considered significantly below the average retirement income if you want to lead a decent standard of living.

To live a comfortable retired lifestyle, where you feel financially confident, Which? research suggests both you and your spouse would need a combined income of £25,000 a year. This would pay for basic expenses, as well as European holidays, hobbies and eating out.^

For a more luxurious retirement, £40,000 a year (per couple) would allow you to enjoy long haul trips and a new car every five years.


Take control of your retirement. Plan now

It’s often easy to put off things like retirement planning.

Yet preparing the best you can – as soon as you can – could make a real difference to your future. And prevent you from worrying about your finances at a time when you should be enjoying life.

Figures from the Office for Budget Responsibility show £180bn is estimated to be saved by the summer (since the start of the pandemic). If you’ve been in a position to save more money, it’s worth thinking about how you could put it to good use to support your retirement plans.

At NAHT Personal Financial Services, we’re here to help you with your plans.

  • It doesn’t matter if you’re already retired, are almost ready to retire – or it’s a long way off for you.
  • You could receive support through straight-forward, friendly financial advice.
  • Via our video service, Skipton Link, we could help you establish what you want from retirement, by looking at your existing plans. And together, we can develop a personalised plan you feel happy with.

Louise says, “If you already have preparations in place, recent events may have impacted on them. But don’t worry. With our help, you could find out where you stand and what you could do to prepare even more for the retirement lifestyle you want.”

A pension is a long-term investment and your Capital is at Risk. Your fund value will fluctuate and can go down. You could get back less than you paid in. Your eventual income will depend upon the size of the fund at retirement, future interest rates & tax legislation.

For more information, or if you’d like to book a free face to face appointment with NAHT Personal Financial Services, call 0800 121 4596 or request a call back.


*National Office of Statistics, February 2021

^Which? November 2020

NAHT Personal Financial Services is a trading name of Skipton Building Society, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey Skipton. N. Yorks BD23 1DN