Try this tip to rethink your retirement
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Try this tip to rethink your retirement
It comes as no surprise to find out that UK savers struggled to prioritise their pension in 2020, with over half (51%) saying they were unable to save sufficiently for the retirement they want and likely to review or reduce their pension contributions in the wake of the pandemic*.
It’s understandable why many people think of pension contributions as a drain on resources, when there are short-term priorities to think about. However, despite travel restrictions, Visit Britain estimated that Britons were still expected to spend £46.8bn on staycations last year. So why not think of your pension as saving up for holidays – just a bit later in life?
Planning for a long, healthy retirement
Life expectancy at birth is now 79.4 years for males and 83.1 years for females, according to Office for National Statistics (ONS) figures. Remember, this is just an average; in 2019, the number of people aged 90 and over rose by 3.6% to 605,181.
This means that many people are now spending 20 to 30 years in retirement – many of whom enjoy very good health due to improved living standards. So, you’re still likely to want to enjoy holidays, meals out and other treats when you retire!
Making your pension a priority
With so many demands on our income, it’s not surprising that many of us struggle to prioritise our pensions. We can help you balance your finances now and plan for the future, so you can make those holidays a reality in the future.
*BlackRock, 2020
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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