Research1 has revealed that the ultimate retirement dream is actually very simple – financial security for the rest of your life.
This is according to a survey1, which questioned 2,000 respondents aged 50 and over on their aspirations for later life.
Hopes and dreams
Nearly all the respondents to the survey (94%) said that financial security was one of their biggest retirement wishes. Other retirement aspirations included:
- Being able to maintain one’s desired lifestyle (94%)
- Spending time with family (90%)
- Being able to afford care if required (81%)
- Being able to afford big family events, such as weddings (73%)
- Travelling (72%)
- Being able to support family financially (69%).
However, 41% of retired respondents admitted that they’ve ended up needing more money than anticipated.
Avoiding the shortfall
Due to rising life expectancies, many people can expect to spend several decades in retirement. You therefore need to give careful consideration to the below:
How much do you need? – what level of income will you need for your preferred lifestyle?
What do you have? – let’s take stock of your pension(s), savings and investments, and any other assets you currently have.
When do you want to retire? – this will give you an idea of how long you have to save before entering retirement.
Think about tax – there are serious benefits to properly utilising the tax allowances available to you.
Take advice – research2 has revealed that people who take financial advice can expect to retire three years earlier on average. Advised consumers also believe they can fund their desired lifestyle for six years longer than their non-advised counterparts.
Achieve the dream in 2024
Make 2024 the year you make your retirement dreams come true. We can help you work towards enjoying the retirement you’ve always dreamed of.
1Legal & General, 2023
2Standard Life, 2023
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.