Deb Nolan, IFA Leeds / Bradford – Will you have enough retirement income?

Thursday 14 December, 2017

Deb Nolan Lonsdale Wealth Management independent financial adviser Leeds / Bradford considers how to save enough for your retirement following the publication of a recent OECD pension report.

According to a new report from the Organisation of Economic Co-operation and Development (OECD) the UK's state pension is the least generous of most advanced countries in the world.  

The report states that if you rely on a state pension for your income in retirement and have worked a full career on average pay you can expect to receive only 29% of what you earned at work.  The average pay out across the OECD countries was 63%.

Deb Nolan, independent financial adviser and member of the Leeds / Bradford financial planning team said: 

‘The report confirms that if you do not save enough towards your retirement while you are working, you may suffer a much larger fall in retirement income compared to pensioners living in other advanced economies.  At Lonsdale Wealth Management we always recommend our clients consider retirement planning as soon as they start working as figures show that the sooner you start saving into a pension the more likely you are to achieve your retirement goals.  The government’s auto enrolment initiative is good as it has encouraged workers, especially millennials to save for their retirement, but it is important that everyone regularly reviews how much they are saving into their pension and reviews how much state pension they are likely to receive, as the government has recently announced they will raise the state pension age.’ 

Deb Nolan, independent financial planner and member of the Leeds / Bradford financial planning team continued: 

At Lonsdale Wealth Management when we offer independent financial advice we recommend lifestyle financial planning as it enables you to visualise your cash-flow and helps you understand how much you need to save to achieve your financial goals in retirement.  If you want to find out if you are saving enough for your retirement please contact us and we will arrange for one of our Lonsdale Wealth Management financial consultants to meet you for a free initial consultation. We also recommend you read our Freedom & Choice in Pensions brochure as it details what retirement planning decisions you should be making at different stages of your life.’

For more information read: Ray McHugh, independent financial adviser, Barnet – Do changes to the state pension age affect you?; Daniel Stansall, independent financial adviser Barnet - What to do if you are some way off from retirement; Simon Hawker, independent financial adviser St Albans - Understanding your Retirement Options?; Deb Nolan IFA Leeds / Bradford – Why get independent pension advice

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