over 50s retirement plans

Cost of Living Casting a Shadow on Happy Retirements

havenifa

havenifa


Posted on: 1st December 2023

When it comes to retirement planning Cheshire, there is always the foresight that some things may change as unforeseen elements take shape. In 2023, it is unquestionable that the cost of living crisis has cast a deadly shadow over many over 50s retirement plans.

41% of those over 50 have labelled the cost of living crisis as the prominant barrier preventing them from securing the retirement income that they require, with one in ten set to purchase an annuity as a result of income uncertainty, security and simplicity.

Driving Uncertainty

Other barriers affecting secure retirement income have been the change to the state pension, tax increases, stock market performance and an increase in those needing advice and not seeking it from independent financial advisers Cheshire.

The high cost of living throughout 2023 has driven changes in how people plan to use their retirement savings. Half of people over 50 are expecting the financial situation to get much worse next year or for it to get worse due to ill-health brought on by financial stresses.

Only 16% of over 50s polled by Standard Life in a recent survey expected their financial situation to improve, signalling a trend for people requiring professional advice and potential change to their retirement planning Cheshire.

Postponing Retirement

Around a quarter of those over 50 chose to postpone their over 50s retirement plans – with many taking on an additional job or more workload. The situation is worse for those who have retired as they find themselves being forced back into work full or part-time due to the cost of living crisis affecting their retirement funds.

Whilst this is a reality for many, those working towards retirement can still access help from independent financial advisers Manchester that can help them re-navigate their plans through structured personal advice. The cost of living crisis is set to be around for longer than anyone would hope for, but some options can make retirement goals more achievable.

Professional Advice

At Haven IFA, our professional team are on hand with each client to help them plan for financial challenge and reroute their retirement goals if required. The benefit of professional market advice – and the ability to act upon educated guidance in achieving the ideal retirement goals – is what makes working with the best independent financial advisers UK your best bet in the face of the cost of living era.

Everyone deserves to enjoy their retirement without worrying over their financial well-being in their twilight years. Contact our friendly team of advisers today at Haven IFA.