According to a new report by Public Health England people who are over 65 and living in England have a higher life expectancy than they previously did in 2012, where there was a recorded fall in life expectancy.
The report highlights that males over 65 years of age are likely to live a further 19 years and females another 21. However, the geographical location of these individuals seemed to play a part in how long they would live, with the North East and the North West being highlighted as areas where 65 year old individuals had a lower life expectancy past that age than other areas of the country.
If people are starting to have longer life expectancies than previously anticipated, there’s no better time than the present to start pension planning or investing for your future retirement – no matter how old you are!
Why You Should Plan Your Finances
It doesn’t matter if you are 25 or 55; planning your financial future is essential to the way you live your life.
The earlier you start thinking about saving, the more financially stable you will be in the future. Although your retirement may seem like a lifetime away, you will need to start thinking about how you will manage your finances to cover living costs once you retire from working.
The report from Public Health England highlighted a concern about the health of elderly people living in England, and this could very well be linked to the older generations preparing inadequately for their retirement – although this isn’t stipulated as the cause.
Thinking About Your Pension
If you are still currently in employment, you should start thinking about how much your pension will aid you during your retirement.
In order to receive a state pension, you will need to accumulate enough years of employment before you reach the age at which your state pension would be available to you.
If you feel like you aren’t contributing enough for a state pension, then it is advisable to look into starting a personal pension scheme, or even joining a workplace pension plan. This will allow you to build up a pot of money that will be available to you when you want to retire.
We would highly recommend seeking advice from a pension advisor if you are looking to sign up to a personal pension scheme. This will ensure that you are choosing the right scheme for you that will make the most of your investment.
If you are looking to plan for the future but don’t know where to turn, don’t hesitate to contact our professional financial advisors in Lancaster who will be happy to help you with all aspects of wealth management. From pensions and equity release to existing mortgages and insurance, our team of financial experts have you covered.
Call in to our office in Lancaster or Morecambe or call us today on 01524 416872 and a member of our team will be happy to help you with your enquiries.