When Can I Retire?

Many people are confused about what their retirement will look like –
this is where we can help.

Financial Planning for a Happy Retirement

“When can I afford to retire?” is often one of the first questions our clients ask us. We can simplify the process by providing you with a road map of what you currently have, how much you may need in retirement and the steps to take to get to this point.

Our role is to guide our clients through the maze of pension legislation and jargon and help them find the way to a long and happy retirement.

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There are nearly 12 million (11,989,322) people aged 65 and above in the UK of which: 4.4 million are 65+5.4 million people are aged 75+1.6 million are aged 85+Over 500,000 people are 90+ 14,430 are centenarians (ONS, 2018f, 2018e)
There are nearly 12 million (11,989,322) people aged 65 and above in the UK of which: 4.4 million are 65+5.4 million people are aged 75+1.6 million are aged 85+Over 500,000 people are 90+ 14,430 are centenarians (ONS, 2018f, 2018e)
Source: ONS

Increasing Retirement Age - We Are Working Longer

The average age of retirement for men and women has increased over the past two decades.

  • In 1997 the average age of retirement for men is 63
  • In 2017 the average age of retirement for men is 65.1
  • In 1997 the average age of retirement for women is 60.7
  • In 2017 the average age of retirement for women is 63.9
  • (DWP, 2018a)

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1997 2017 Women 1997 2017 Men
1997 2017 Women 1997 2017 Men
Source: DWP

The Pension Mountain

Research has shown the increasing amount of pension pots required to fund a client’s income in retirement.

This takes into account both low interest rates and annuity rates, as well as longer life expectancy.

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£300K £150K 2002-03 2010-11 2018-19 Size of pension pot required to generate an annual index-linked income of £9,273
£300,000 £150,000 2002-03 2010-11 2018-19 Size of pension pot required to generate an annual index-linked income of £9,273

Just let us know how we can help you...