Cost of living crisis impact retirement plans

A recent survey has revealed that a growing number of people here in the United Kingdom are being forced to delay major milestones due to the cost of living crisis.

Having a child, getting married and buying a property were all listed as steps people felt they could not afford to make, along with no longer working and enjoying a well-earned retirement.

Wealth management services are often called upon for their expertise in retirement planning by Chester, Manchester and London savers. Consumers based in big major cities with financial concerns about the future find that wealth managers can assist with putting measures in place that offer security when they stop working, but also offer advice on inheritance tax mitigation and passing on their estate to their loved ones efficiently.

The May study, which comprised over 4,000 people across the country, showed that 64 per cent of respondents felt that the present state of their financial situation made them concerned about their future. Over half of those surveyed believed that they had taken every action they could to save money, while 30 per cent commented that they did not have the benefit of a savings buffer to protect them against unanticipated costs.

In the report, data showed that 38 per cent of individuals who were in the last decade before they were due to stop working and retire felt that they would need to push back their retirement by a minimum of one year to be financially comfortable. However, 12 per cent of respondents stated they would likely never be able to retire because of the cost of living crisis.


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