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  2. 2Inheritance
  3. 3Care costs
  4. 4Investments

Retirement planning

What do you want your retirement to be like? This includes:

  • When do you want to retire?
  • What will be the length of your retirement (what age do you expect to live to)?
  • What do you want to do in retirement?

Use this step to calculate if you’ll have enough money for the type of retirement you want as you won’t be able to rely on the state to support you.

  1. Start early – average life expectancy in the UK is getting higher, making retirements longer, so we need more money for later life. There are now 1.6 million people aged 85 or over living in the UK and this figure is expected to more than double in the next 23 years, to over 3.4 million.
  2. Take responsibility for your own financial future – final salary pension schemes are far less common than they were, so the burden is falling on us and not our employers.
  3. Save what you can – a little regular saving now goes a long way in the future.
  4. Regularly check that your plans are still on track – if your circumstances change you may need to adjust your retirement options.
  5. Seek advice when you need it – financial planning can be complicated, especially further down the line when you may have multiple pension pots or more complex requirements. You can get free pensions advice from the Pensions Advisory Service, or a financial planner can look at your individual situation to ensure all your investments are working in line with your long-term needs.

(1) Source: Pram: Office for National Statistics, (2013) - One third of babies born in 2013 are expected to live to 100 [accessed July 2017].

(2) Source: 27% walking stick: Survey conducted by YouGov on behalf of Canaccord Genuity Wealth Management. Total sample size was 2,011 adults, of which 1,091 were workers aged 18-64 and 265 have £100k+ of investable assets. Fieldwork was undertaken between 10 - 11 Aug 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+)

Calculate if you'll have enough money in retirement

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Assumes an inflation rate of 2.5% p.a. and investment performance return of 6% p.a.

IMPORTANT: The tax treatment of all investments depends upon individual circumstances and the levels and basis of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.