Financial security is the most important retirement goal for 9 in 10 Brits

Posted on

When you think about the most popular retirement dreams, an adventurous cruise or having time to put your feet up might come to mind. Yet, a survey found the most common goal for retirement is to achieve financial security.

According to Legal & General, a huge 94% of Brits say their most important retirement dream is to feel financially secure for the rest of their life.

The results found there are other popular retirement goals too. However, many of them are related to finances in some way. So, it’s not surprising that feeling financially stable is a priority for the majority of people when planning their retirement.

According to the survey, retirement dreams include:

  • Spending time with my family (90%)
  • Being able to afford care or assistance if I need it (81%)
  • Being able to afford major life events for my family, such as a wedding or new baby (73%)
  • Travelling (72%)
  • Supporting my family financially (69%).

Understanding the value of financial security later in life is positive. Despite this, the findings also indicate that reality could fall short for some retirees.

41% of retirees are spending more than they planned

The Legal & General study quizzed retirees about how the next chapter of their life has lived up to expectations.

While many are living the life they want, including travelling and taking up new hobbies, a significant proportion are spending more than they planned.

41% of respondents said they have ended up needing more money than they anticipated, and 1 in 5 said it was “significantly more” than they calculated. Miscalculating the income needed is higher among those who retire in their 50s.

Underestimating how much you need in retirement could mean your lifestyle falls short of your expectations. It might also mean you’re at risk of spending too much too soon, which could lead to you facing challenges in your later years.

With money worries cited as the biggest fear when approaching retirement, taking control might mean you can retire with confidence.

5 useful steps that could secure your retirement

1. Review your pension now

It’s never too soon to start planning for retirement. Even if stepping away from work is decades away, checking your pension now could put you on the path to financial security later in life.

Understanding the current value of your pension and how it’s projected to grow during your working life could help you assess if you’re on the right track. Identifying gaps sooner may mean you have more opportunities to plug them.

2. Set out when you’d like to retire

The value of your pension alone won’t help you understand if you’re saving enough. You also need to consider how long you’ll be using your pension to create an income. Setting out your planned retirement date is an important step.

3. Understand the potential cost of your retirement lifestyle

What income do you need to live the lifestyle you want?

Your lifestyle will have a direct effect on your pension goal and your long-term financial security. While things may change in the future, thinking about how you want to spend your time in retirement and the potential day-to-day costs can be valuable.

Remember, inflation means the cost of living is likely to increase during your retirement. So, if your income remains static, it could be difficult to maintain your lifestyle. As a result, you might want to plan for an income that increases throughout retirement.

4. Consider how to prepare for the unexpected

Financial shocks can have a long-lasting effect on your finances if you aren’t prepared, including when you retire.

Making a financial safety net part of your retirement plan might help ensure you’re financially secure throughout your life.

5. Contact a financial planner

A financial planner can help you create a retirement plan that’s right for you. If your dream is to be financially secure when you give up work, please contact us. We’ll work with you to set out pension goals, establish the steps you might want to take, and give you confidence in the future.

Taking control now could mean you’re more likely to reach your retirement goals, including long-term financial security.

Please contact us to arrange a meeting to talk about your retirement dreams.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change in the future.

We aim to keep our clients up to date on interesting and relevant financial news.

You can sign-up to receive our monthly newsletter by email, even if you’re not yet a client. Sign-up using the form below.

Client testimonials

I have always found Black Swan to be caring and understanding of my quirky lifestyle. I always feel they try to get me the best returns while respecting my current needs.

Sally Muir

A client since 2011

We would be very happy to recommend the support and service we receive.

Valerie Locks

A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

Sandra Jack

A client since 2000

[A] safe pair of hands in a complex financial world.

Gary Middlehurst

A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

Alan Evetts

A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

Linda Burnard

A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

Andrew Kirchen

A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

Partner with the most reliable and experienced team of advisers

Enter your details & we'll be in touch to discuss your needs.
Alternatively, contact us directly and speak to a member of the team.

    Subscribe to our newsletter