{"id":7118,"date":"2022-08-01T12:18:02","date_gmt":"2022-08-01T11:18:02","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7118"},"modified":"2022-07-20T11:34:22","modified_gmt":"2022-07-20T10:34:22","slug":"your-retirement-no-two-are-the-same","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/01\/your-retirement-no-two-are-the-same\/","title":{"rendered":"Your retirement \u2013 no two are the same"},"content":{"rendered":"
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The Class of\n2022 retirement report1<\/sup> provides a riveting insight into the plans\nand thoughts of those either planning to retire this year or recent retirees,\nreally highlighting the changing face of retirement in the UK.<\/strong><\/p>\n<\/div>\n\n

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The last couple\nof years have impacted people\u2019s plans, with people reassessing what retirement\nlooks like to them. Less people are giving up work entirely, choosing to adopt\na more staggered approach to retirement. Two thirds (66%) plan to continue\nworking in some capacity during retirement; of this number some plan to move to\npart-time hours, others intend to continue working for their own business,\nstart their own new business or volunteer. Therefore, a third of retirees plan\nto give up work altogether, down from 44% of 2021 retirees.<\/p>\n<\/div>\n\n

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Financial\nreadiness<\/strong><\/p>\n<\/div>\n\n

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Confidence in\nfinancial readiness to retire has fallen, with only 25% feeling financially\nready to retire, versus 30% in 2021. A key factor in this fall being the rising\ncost of living, with 28% of respondents unsure how to mitigate the impact of\nrising inflation on their retirement income \u2013 a prime concern for those with\nlarge cash holdings.<\/p>\n<\/div>\n\n

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Pass it on<\/strong><\/p>\n<\/div>\n\n

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With over a\nhalf (56%) of retirees planning to pass on wealth to their loved ones, just 23%\nfeel confident about how they will pass on any leftover assets to loved ones.\nOnly 9% have started gifting wealth to reduce their IHT liability.\nInterestingly just 30% have had conversations with their partner about passing\non their estate, while just 26% have spoken to their children about it.<\/p>\n<\/div>\n\n

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No two\nretirements are the same <\/strong><\/p>\n<\/div>\n\n

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Retirement is a\nthriving new beginning to plan for. Whether you\u2019re thinking about a gradual\nretirement or full retirement how do you visualise your retirement years? Have\nyou thought about your income requirements or tax implications? Have you started\na conversation with family about how you want to use your wealth to help them?\nAdvice can help you seek clarity and provide focus and direction.<\/p>\n<\/div>\n\n

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Key\nfindings   <\/strong><\/p>\n<\/div>\n\n

\n
  • The Class of \u201922 have saved \u00a3385,000<\/strong> on\naverage on their pension pots  <\/li>
  • 21%<\/strong> have less than \u00a3100,000 in their\npension pots  <\/li>
  • \u00a3293,000<\/strong> is the average amount in savings\nand investments  <\/li>
  • 28%<\/strong> have less than \u00a3100,000 in savings\nand investments <\/li><\/ul>\n<\/div>\n\n
    \n

    1<\/sup>abrdn, 2022<\/p>\n<\/div>\n\n

    \n

    The value\nof investments and income from them may go down. You may not get back the original\namount invested. A pension is a long-term investment. The fund value may\nfluctuate and can go down. Your eventual income may depend on the size of the\nfund at retirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    The Class of 2022 retirement report1 provides a riveting insight into the plans and thoughts of those either planning to retire this year or recent retirees, really highlighting the changing face of retirement in the UK. The last couple of years have impacted people\u2019s plans, with people reassessing what retirement looks like to them. Less […]<\/p>\n","protected":false},"author":12,"featured_media":7119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7118"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7118"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7118\/revisions"}],"predecessor-version":[{"id":7120,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7118\/revisions\/7120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7119"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7118"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}