Over 50's underestimate saving for retirement | Retirement Advice

Majority of over-50s underestimate life expectancy

The average life expectancy today is going up and fifty is becoming more like the new thirty than even the new forty. Yet, additional years of life also bring with them the issue of having to work longer. Plus, the increasing worry of how to pay for care if you need it. So, the earlier you can start saving for retirement and opening a retirement fund the better.

At Acumen, we understand the different stages of life and the needs you may have in your future. Whatever your requirement, from savings to pension plans to retirement advice, our team of experts are here to listen and offer advice – no matter what stage of life or situation you might find yourself in.

Average life expectancy today

New research has shown that eight out of 10 people massively underestimate their life expectancy. In a poll of 1005 men and women aged over 50, three quarters of men and 83% of women wrongly predicted the average life expectancy for their gender. Both groups overwhelmingly guessed 82 years when, in actual fact, men are now living to 88 years old and women are living to 90 on average

That is quite a lot of extra time on the planet, which means getting the correct retirement advice is crucial. The introduction of pension freedoms in 2015, allowing savers to access their pension at the earlier age of 55, means many people may now be without enough income to see out their lives if they don’t save for their retirement carefully.

Planning your retirement savings

Gaining a true and accurate indication of your financial situation is vital if you are going to start saving for retirement. Speaking to a retirement planning advisor will provide you with the opportunity to get all your cards out on the table and to ask any questions you may have. If you are in your 50s, then retirement may seem like a world away, particularly when the average retirement age is expected to reach 70 years old by 2035.

Planning for retirement is a complicated business, mainly because there are no guarantees as to how long anyone will actually live, but the better prepared you are, the more options will be available. Having access to professional and trustworthy advice is paramount. At Acumen, we have the expertise and knowledge, not only to advise you on a retirement fund but to also guide you in any matters relating to pensions or other savings.

Retirement planning advisors

With so many different pension products on the market, choosing the right one can feel like a minefield. At Acumen, we aim to make the world of pension products more understandable, so that you’re not exposed to any excessive charges, giving you the confidence you need to select the right pension option for you. Together we can make a plan for your personal retirement journey, which considers all the risks that might be at play – from an investment risk through to the risk of living longer than you might have expected.

To find out more how to speak to one of our retirement planning advisors please visit our website today.

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