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The world has changed significantly over the last century with huge advances in science, medicine and technology resulting in healthier, richer and longer lives. But for many, the future is not looking as bright or as rich as they hoped. An aging population and rising life expectancy are rapidly changing societies. People are living to much greater ages and, increasingly, they are outliving their pensions. There is no scarier prospect than working hard for 40 years or so only to be left penniless in old age.
This nightmare however is fast becoming a reality for people who underestimated their retirement saving needs. It is also becoming increasingly clear that governments around the world are looking less able to take care of their pensioners as well as they have in the past. Just last week, the BBC reported that a leading peer had called for the retired to undertake community work in return for their pensions. The growing number of retirees around the world is placing huge strain on national welfare systems.
The proportion of the world’s population over 60 years of age is growing at an alarming rate. In 2009, the percentage of people over 60 was 11%; this figure is predicted to rise to 22% by 2050. The world’s population in general will increase as well, leading to further rises in the number of pension-aged people, an alarming thought. It is predicted that by 2050, one in every five people will be 80 years of age or older and combined with such economic uncertainty, present welfare systems around the world will not be able to adequately care for their pensioners. The only reliable option for ordinary people to secure a comfortable retirement is to take matters into their own hands.
According to the Accenture Retirement Services Survey, these stark realities are not new problems. Globally, 82% of people are concerned they may run out of retirement savings, while 67% are not even sure how much they should be putting away per month for a comfortable retirement. Around half of those surveyed believe it is important to start saving for retirement now, but roughly the same amount of people think they lack information on how to save effectively. It is clear that people are keen to help themselves with regards to their pensions, however many are intimidated by the seeming complexity and technical jargon attached to retirement services. This is where Infinity can help.
We offer professional retirement savings solutions for people looking to secure a sound retirement. Our experienced advisers are available and will look at each case on an individual basis, taking into account every unique circumstance. If you would like to talk with one of our experienced advisers to see how we can help you with your retirement savings, please get in touch.