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Still deciding on your retirement age? We can help
25th September 2024


If you look back to the mid- and late-20th century, the way we retire has changed substantially.
In the 50s, 60s, and 70s, salaried employees were likely to stay in one role their whole lives, with a set retirement age that most adhered to strictly. Whereas the latest available data, published by Zippia, says that the average employee now has 12 jobs in their lifetime.
Whilst there are huge positives to the increase in job mobility, including more options to change careers and pursue new opportunities, it means you’re in control of deciding your retirement date too. This is meant to be an exciting milestone to think about, but for many, the idea of choosing “the perfect retirement age” is stressful.
Indeed, a study by Standard Life reveals that Generation X (those born between the mid-1960s and late-1970s) are the most unsure about retiring. 31% of Gen X are unsure when to retire, versus 19% of Baby Boomers. The research also found that 25% of all adults don’t know when they’ll be able to retire.
Keep reading to discover how working with a Financial Planner could help you solidify a retirement date that works for you and your family.
Choosing the right time to end your career
Before thinking about the financial side of retirement, it helps to ask yourself: “Am I ready to end my career?”
We work with many people such as business owners and employees alike who love what they do and often don’t feel ready to retire at the point that society prescribes as the “right time”. But there’s another side to some people’s reluctance to retire: anxiety about affording a comfortable future.
If you’re motivated to keep working because you love your job, consider:
- Putting clear-cut plans in place for when, and how, you’ll eventually slow down
- Slowly reducing your hours whilst remaining in your existing role, to gain the best of both worlds
- How staying in a role you love for longer could make a positive impact on your retirement savings and overall wellbeing.
Or, if you’re retiring late because you’re anxious about your finances:
- Ensure your work is not having a negative impact on your health
- Talk to a Financial Planner about gaining an accurate view of your retirement prospects (more on this later).
Your anxieties about affording a good standard of living might be unfounded. And even if you do have a little way to go before you can retire, financial planning can help you form a robust plan that maximises the impact of your investments and savings.
Considering the impact on your family
Your retirement plans will inevitably have an effect on your nearest and dearest, so it’s important to check in with them about when you wish to retire.
For instance, if your spouse or civil partner has their own retirement timeline, discussing these could help you ensure your incomes are tax-efficient. This crucial conversation could also help you align key life plans, such as taking bucket list trips.
Similarly, if you’re still supporting your adult children financially, you may not be in a financial position to do so once you stop working. In fact, Just Group revealed in a July 2024 study that half of Gen X parents have adult children still living with them.
If you find yourself in this situation, it may be wise to have a chat with your adult children about their own future plans, as well as discussing how you might be able to help them onto the property ladder or similar. Your Financial Planner can help to mediate these conversations and form a financial plan that includes your family.
Working out your prospective retirement income
Of course, before putting your retirement strategy in motion, it is vital to consider the affordability of your plan.
A Financial Planner will utilise modern cashflow modelling software that forecasts your future income depending on certain variables, including your existing savings and investments. This software will measure your wealth against inflation, assuming investment returns and taking your approximate life expectancy into account.
Whilst this is a very technical process, the ultimate aim is peace of mind. If you can retire knowing how much you can draw as income each year, what you can afford to give to your children, and how much tax you’re likely to pay, we know we’ve done our job correctly.
So, if you’re still unsure when you can retire, why not ask your Financial Planner about:
- How cashflow modelling could inform your retirement choices
- What your plans mean for your wider family
- Any jargon or media noise you need clarification on.
We’ll take the time to answer any questions and provide much-needed peace of mind.
Get in touch
To talk to an independent professional about planning the retirement you deserve, email us at enquiries@pen-life.co.uk, or call 01904 661140.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future. All contents are based on our understanding of HMRC legislation, which is subject to change.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate tax planning, cashflow modelling, or estate planning.
Category: Retirement