Retirement Planning

Is The Cost Of Living Making You Rethink Your Retirement?

Is The Cost Of Living Making You Rethink Your Retirement?

Is The Cost Of Living Making You Rethink Your Retirement?

If the cost of living crisis has made you rethink your retirement plans, you’re not alone. A recent report from the Pensions Management Institute showed that nearly half of working adults are changing their much-anticipated retirement plans due to the current financial climate. These changes include:

  • 24% of people planning to postpone retirement and continue working.
  • 23% of people lowering their pension contributions.
  • 5% of people stopping contributions to their pension.

If any of these ideas have crossed your mind when thinking about retirement, we’re here to help. At Joslin Rhodes we believe retirement should be met with celebration and excitement, not looked at with dread or worry. That’s why we want to help you avoid having to make changes to your plans so you can enjoy not only your retirement, but the remaining years of work leading up to it.

Here’s our top three tips:

1. Preparation is key…

Knowing what choices you have when it comes to your retirement and pension payments simplifies your planning process. With the current state pension age being 66 (with plans to increase to 71), the reliance on private pensions, workplace pensions or savings and investments is the reality for a lot of people who want to retire earlier.

If you relate to this, don’t worry, just plan. If you already have an idea for when you want to retire, the next step is working out how to make that happen. It goes without saying that the sooner you do this the better. By planning early, you’re more likely to have an easier transition into retirement and also make sure that the pension contributions you are paying today, work as hard as they can for you in the future.

2. Have the money talk…

The thought of pensions and retirement can cause worry and confusion at the best of times, but it can get even more complicated when you factor in rising costs and the new state pension age.

If you find yourself wondering ‘Do I have enough money to retire?’ or ‘Will I be working until I die?’, talk about it with retirement planning professionals who can help.

At Joslin Rhodes, our expert advisers can weigh up your options and give you clear answers on exactly what you’ll need. And through our unique Lifestyle Financial Planning process, we’ll also be able to look at your ‘What ifs’ so that your plan has safeguards in place to handle anything that life throws your way, including inflation.

3. Remember quick fixes are just that…

If you’re thinking about reducing or halting pension contributions due to financial strains caused by the cost of living crisis or debt, you need to proceed with caution. Lowering or stopping pension payments can provide short-term relief for your current financial woes, however, it could cause further stress down the line when there’s less money available to fund your retirement. Read our ‘Debt Relief Dilemma: Is Your Pension the Answer’ blog to help you make an informed decision.

Given the current economic climate, no one would blame you for feeling you need to put your retirement on the backburner, but with a little planning, you may not have to.

Our pension and retirement specialists have been helping Teessiders retire with confidence for over 20 years, and we can help you too.

Call us at 01642 52 55 11 or drop into our Stockton Planning Rooms to arrange a free consultation. You could save yourself years of worry and hassle, and maybe even discover you can retire earlier too.

Is The Cost Of Living Making You Rethink Your Retirement?

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