With the cost-of-living crisis set to continue for the near foreseeable future, many older UK citizens are facing what experts refer to as “retirement roulette”, after recent research uncovered that many have no clear idea of when they will likely retire.
The reason for this lack of vison has been attributed to the increasing uncertainty surrounding people’s personal finances and retirement plans due to the current economic climate. Many Britons seek out assistance with retirement planning in Shropshire, Buckinghamshire and other counties to prepare for the future. As expert retirement planners, wealth managers assess the financial circumstances of their clients and create a roadmap to their retirement which assures sufficient income when they no longer work.
Financial experts are now urging Britons to double-check when they can start to access their state pension as such information can help them prepare. Recent research indicates that around one in five workers do not know what age they will retire, and experts suggest this might be a sensible first step to putting plans in place on track.
The UK state pension age is presently 66 for men and women. While it is understood that the government pension is unlikely to provide adequate revenue for an individual in retirement it is still commonly regarded as the backbone of many people’s retirement income.
While Britons can work out their pension age using a tool on the Government website, it is important to remember that the state pension age is revised periodically, making recalculations necessary over time.
