Retirement might seem a long way away, but time flies and it could be here much sooner than you think. Okay, ‘time flies’ is a bit of a cliché, but remember – the ‘Nevermind’ baby on the front of Nirvana’s timeless album is 24 now, ‘The Terminator’ was released 30 years ago, and Pac Man turns 35 this year.
So if you’re thinking ‘it doesn’t seem that long since…’ then imagine how soon you could be reaching the age of retirement.
Arguably, many of us are now working for longer and living longer, and you may have had thoughts already about what you’ll do in later life, but have you put any real thoughts into how you’ll make it happen? Are you prepared to have time on your hands?
Life expectancy – are your expectations short of the mark?
We’ve recently published a report (PDF 5,135KB) that suggests many people underestimate their life expectancy, often by quite a long way.
Try our Life Expectancy Calculator and see how close your guess is. State Pension age is rising too. Have a look at the Government’s State Pension Calculator to find out when you’ll be able to draw your pension.
Making plans for your retirement
With a better perspective on how long you may live and when you could draw a State Pension, financial planning comes sharply into focus.
Will your savings have to stretch a little further? Will the State Pension be a valuable top-up for you? Our Retirement Planner can help you work out how much you’ll need to put away to make your retirement dreams come true – but what’s important is that you start thinking about retirement, long before it happens.