Longer, better lives
We've never had it so good, as the saying goes, and that's never so true as when it comes to life expectancy.

But while living healthier and two-thirds longer than we did 100 years ago is great news, it presents its own difficulties, especially if you haven't made arrangements to enjoy that extended retirement.

Because, despite most of us knowing we should be making retirement plans when we can't escape the newspaper headlines and pensions advice, we still put the issue off, or do the bare minimum. It's just too easy to shelve something that isn't going to affect you for decades and instead to focus on what makes you happy now.

It's important though to realise that you may live even longer than you anticipate. In 1917 the life expectancy of a man was 48.4 and for a woman it was 54. A century later, men can expect to reach 79.2 and women 82.9. What's more the 85 plus bracket is the fastest growing age group in the UK.

This means many of us could live for 25 years of more after we leave paid work. This could be an amazing chance to fulfil dreams we had to put aside while working, but it also presents a challenge - how will we enjoy our golden years, or even live comfortably?

Retirement planning - what's in it for you?
While you might think you've taken care of retirement through a pension, have you properly planned for a longer retirement when expenses could rise due to greater care needs, ill health and family commitments? Then you will need to take account of the fact that we all expect a better quality of life than previous generations. You won't want to miss out on what your friends could be doing, like going off on various adventures, improving their homes or enjoying days out. You also need to consider the impact of inflation.

Your retirement may still seem light years away but the earlier you start making arrangements for late retirement, the more spread out the financial impact will be and the easier it becomes. Plus, you'll be able to relax knowing you've taken care of your future self and your family, and look forward to a good lifestyle when you have the most time to enjoy it.

What can you do to now for a happy retirement?
To make matters more complicated the range of retirement products on the market has increased significantly in recent years. While this is in response to addressing the current issues while providing individual solutions, the choice can be overwhelming.

But expert advice from financial planning professionals on each potential phase of your retirement will help you navigate the range options to find exactly the right solution for you.

Want to find out more? The team at Nurture are there to help you. Call us on 01603 673502 or email ask@nurturefp.co.uk

Please note the information contained in this article does not constitute advice but aims to be an overview of the issue of retirement planning.

Please keep in mind that a pension is a long-term investment and the value can go down as well as up. Your final income will be determined by the size of the fund, interest rates and tax legislation.

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