Covid-19: Following implementation of the second lockdown, we remain open for business and are continuing to offer meetings to new and existing clients. These will, however, be conducted remotely. Alternatively, we are always happy to have a chat over the phone. Please contact us on the main office number, 01273 407500, or by e-mail using enquiries@herbertscott.uk to arrange an appointment.
11th November 2020 - Ben Nolan

Is it too early to retire? We can help you find out.

Is it too early to retire? I recently read an article from the over-50s finance provider SunLife.  Based on three separate surveys they had undertaken, rather alarmingly, they were suggesting that over three quarters (85%) of retirees aged over 50 feel they retired too early. It also stated that 10% of those surveyed felt they retired too late, leaving just 5% feeling they got the timing right.

Why?

The article did not divulge the exact reasons behind these feelings. It did cite the increase to the State Pension Age as a potential contributor. It also implies that perhaps this is primarily down to financial issues. An Unbiased article has stated that the average weekly income for pensioners is £304. This works out at around £15,080 net per year, a similar salary to those on minimum wage. It also cites that 67% of a retiree’s income is generated from a private pension. Of course, these feelings could just reflect a sense that retirees simply miss their working life.

Key considerations

Whatever the reason behind the figures, to me the survey highlights the importance of developing an appropriate plan.  This should encompass some key considerations, such as:

Of course, if all of the above seems rather daunting, then we are here to help. We would love the opportunity to discuss how our service could assist you in developing and maintaining a retirement plan that works for you.

Share this article: