Growing number of Brits fear they won’t have enough for retirement

2 Jul 2024

Recent surveys indicate a mounting concern among British citizens regarding their retirement savings.

As the cost-of-living crisis continues and the economy stays unpredictable, many people are worried they won’t have enough money to retire comfortably.

The latest research from Wealth at Work revealed that 39 per cent of employees think they will never be able to retire, while 32 per cent have made the decision to delay their retirement.

The survey also showed that:

• 46 per cent of 35–44-year-olds think they will never be able to afford to retire
• 81 per cent are concerned they will have to work longer
• 41 per cent do not feel supported in understanding their finances by their workplace
• 14 per cent of employees would seek pension guidance from their employer

How can you strategically plan for your retirement?

With the challenges of the cost-of-living crisis, inflation and fluctuating interest rates, proactive retirement planning is crucial to ensure you can retire comfortably.

Putting money aside in savings accounts and pension pots, as early as possible, will help your investments to grow over a longer period.

If you are employed, you are entitled to pension contributions made by your employer. By opting into the employee pension scheme, you can maximise your pension contributions.

Smart tax planning is also key to ensuring you’re not paying more than necessary. By using tax-efficient savings accounts and investment options, you can minimise your tax burdens and maximise your retirement savings.

This might involve fully utilising your annual ISA allowance and taking advantage of pension tax reliefs.

Retirement planning can be very complex, so getting professional advice can help ease your worries about being able to retire comfortably.

If you would like to discuss your worries about retirement finances, please contact us.