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Increasing life expectancy due to ever improving but expensive healthcare, inflation and lower returns on savings all indicate the growing importance of retirement planning for an acceptable income during your retirement years. Incredibly, many people still do not give retirement planning its due priority. Retirement planning should not be ignored as the consequences can be dire.
According to an article in the New York Times earlier this year, 75% of US citizens approaching the age of retirement in 2010 had less than $30,000 in retirement funds. It was also reported that 49% of middle class workers will face the prospect of a $5 daily food budget during a retirement in, or close to, poverty.
Poverty in retirement is a frightening scenario to consider, but it is becoming a much more common outcome for many pensioners. Many retirees are finding themselves seeking work again in order to top up their pension income. There are also those who have spent their working lives paying off their mortgage only to find themselves having to seriously consider cashing in and selling the property that was intended to be with them through their retirement.
It is of the utmost importance to take retirement planning seriously, no matter what your age or circumstances. The earlier on in life you begin making provisions for retirement, the greater your financial security in later years will be. However, it is never too late to begin retirement planning as some provision is better than none at all. With good advice and professional planning, provision for retirement can always be made.
Earlier in September, The Telegraph in the UK reported on a survey which concluded that 45% of respondents had never reviewed their pension fund investments. Also worrying was that 38% confessed that they had never made any changes to their pension fund investments to account for changes in their risk profile.
Retirement planning does not stop once you begin paying into a fund. Regular reviews are essential to account for changes in circumstances. Medical conditions, financial commitments, family commitments and plans for life once retired can change over time. Unless adjustments are made along the way there is the very real possibility of reaching retirement only to find a significant shortfall in funding. A good financial adviser will build regular reviews into your retirement planning and will assist in making whatever adjustments may be required.
It is never be too early or too soon to begin retirement planning. The more time allowed for savings and investments to grow, the better. Having said that, it is never too late – a financial adviser can help with retirement planning whatever your age and circumstances may be.
Whatever life-stage you are at and however much retirement planning you have already undertaken, our independent, experienced advisers will be happy to assist. At Infinity we provide professional solutions for retirement planning and offer good advice when reviewing existing pension plans. Get in touch to give yourself the peace of mind that comes with knowing that your future is financially secure.