At the time of going to print, the EU Referendum outcome had not been announced to decide whether Britain should leave or remain in the European Union, so we’re unable to offer our commentary in this issue but we’ll assess the outcome in the next issue and the impact on your financial plans. ‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out.
We consider the ways to assess your likely income in retirement and how much you need to put away now to enjoy the kind of lifestyle you want in later life. Funding a comfortable retirement will be the biggest financial priority for many people, yet some people spend more time planning their holiday than their own retirement – perhaps because planning for retirement seems too complicated to think about?
Few people really have the time to understand the significant number of financial products on the market at any time. If you’re looking to invest, buy a protection product or plan for the longer term, expert professional financial advice is essential to help enable you to create a financial plan that is realistic. Protecting your family should underpin financial planning, and it can also be a key business tool or estate planning mechanism.
But, despite this, we look at how one in five (21%) people admit their household would not be financially secure for any length of time if it lost its main income through unexpected circumstances.