When can I afford to retire?

These questions repeatedly arise during our conversations with clients. People are generally concerned about their financial future which affects their overall lifestyle. It’s no surprise that people are living longer and further into retirement than before. The UK Government (along with those in most developed western societies), has an immense task to satisfy the financial needs of our ageing population through the State Pension and other benefits. The State Pension age is already being extended and current global political unrest adds another layer of fear.

Retirement means different things to different people, but one of the most important features of retirement is the loss of earned income. This could be a worry for many, as with rising life expectancy we are looking at retirements which potentially could last more than 30 years.

There are no simple answers to the questions above and the solution(s) will depend on a lot of factors. For example: – What do we want to do in retirement? How much