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Are you set for a golden retirement?

With around 1.9m pensioners living in poverty, making sure you retire comfortably is more important than ever. Laura Burridge looks at how you can plan for your dream retirement.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

There’s a growing divide between the income of the richest retirees and those of the poorest.

It’s safe to assume that the best-off retirees normally have private and company pensions, particularly defined benefit pensions through the workplace – these are based on how many years you’ve worked for the company and the salary you’ve earned. While the worst off are left relying on the state pension to get by.

What’s worrying is that developments in pensions are likely to mean we’re going to see this divide grow in future. And that’s bad news. There are already around 1.9m pensioners living in poverty – this needs to end, not get worse.

It’s why it’s so important that we all understand our own position clearly, well before we get close to retirement age.

This article, our tools and information aren’t personal advice. If you’re not sure what’s right for you, you should get advice.

How to build your retirement plan

One of the most common reasons people get financial advice is to plan their retirement.

This is understandable. Retirement should be a new dawn in your life. A time in your life to look forward to, not something to dread.

As with most things, it starts with a plan.

You can build a retirement plan yourself. There’s lots of tools and information available to help – including our pension calculator and our online guide to retirement.

If you’re going to do it yourself, we strongly recommend that you get guidance from Pension Wise, the government's free and impartial service. You can get their guidance online, over the phone on 0800 138 3944 or face-to-face.

FIND OUT MORE ABOUT RETIREMENT PLANNING

Retirement planning with a financial adviser.

What you do with your pension is an important decision.

Our financial advisers speak to people about their pensions every day and help them move closer to their dream retirement. They can help you build a retirement plan – from building a big enough pot, to the decisions you take as you approach retirement.

The first step is sketching out your ‘dream’ retirement. When do you want to retire, and how much income will you need to fund the lifestyle you want?

Together you can check if you’re on track, looking at your current pensions and other investments. Then by making realistic projections you can identify ways to shore up any shortfall.

Get expert retirement financial advice from HL

If you’d like to talk to us about getting financial advice on your retirement options, our advisory helpdesk is your first port of call.

There’s nothing to lose. This free, no obligation call will help you understand:

  • What help and support you can get without taking advice
  • Why our expert financial advisers could be the answer if you need more help
  • How financial advice works, including the benefits and charges

Act by 4 September and save £200 off the cost of financial advice (terms apply).

Our helpdesk won’t give any personalised advice, but if you decide to move forward an adviser will be in touch within two working days to discuss things further.

Book your call


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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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