Updated: Jul 20, 2022
It’s now estimated that, on average, in the UK, a man aged 65 will die at the age of 86.9 years and a woman at 89.7.
In both cases, this represents a reduction of six months on the previous estimate, a decline variously blamed on NHS cuts, obesity, dementia and diabetes. Whatever the cause, the average retirement age is about 64, so it’s not unreasonable to expect to have 8,300 days of life after work.
How do you plan to spend those days? Also - have you made plans to ensure you’ll have something to spend during those days?
Last year, we told the story of Jim, a client of many years who had long had the ambition of retiring at 65 and buying a camper van in which he and his wife could go on touring holidays.
He worked in the automotive component manufacturing industry and earned a moderate income, but, over 25 years, he regularly consulted us. He changed employers several times and we advised him on his pension arrangements and investments. Together, we always had in mind his ultimate dream. We had regular discussions, providing projections of when he could afford his dream, until we reached the point when that dream could become a reality – at the age of 56, nine years earlier than he had hoped.
The last time we contacted Jim, everything was going according to plan. We haven’t been able to get in touch with him over recent days, but, as far as we are aware, he’s touring Europe somewhere, enjoying the freedom of the open road and seeing many of the places he has always dreamed of visiting.
There’s no reason why Jim should be unusual. He didn’t win the lottery or inherit a fortune. He was able to fulfil his dream by planning, by talking to us and by regularly reviewing his plans with us.
The moral is: make plans – and make the most of your 8,300 days.
“Thank you so much for the advice you have provided, I am now able to fulfil my retirement dreams.”
- Jim K -
Our clients already understand the importance of the advice we offer. You need to plan in place to ensure that you don’t live in insecurity, and in fear of running out of money during those valuable days. Rather, you should be aiming for a fulfilled and enjoyable old age.
At Reeves we can help you with this. Anybody coming to see us will have a no-obligation discussion to take stock of what assets they have got, what further retirement provision they can reasonably make, what they intend to do with their retirement and when they hope to give up work. Then we’ll draw up a report on how they can achieve their goals.
These articles are for information only and are based on specific client circumstances which may be different to yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.