Retirement is a much more fluid concept than it once was. According to a recent survey1, 54% of respondents who were considering working into retirement, or who were already doing so, said they valued the opportunity to keep active in mind and body.
Around 8% of those scheduled to retire in 2018 have postponed their plans as they cannot afford to retire. Of these, nearly half blamed the rising cost of living for their decision.
These findings underline the importance of saving as much as possible as early as possible, so you can choose when you retire.
WORK AND PENSIONS COMMITTEE LAUNCHES INQUIRY INTO PENSION COST TRANSPARENCY
The Committee aims to determine whether the pensions industry is providing savers with sufficiently clear information about investment strategy, performance and charges – also whether consumers understand what they are being charged for and why, and what the impact of these costs are on their eventual retirement income.
STOCKS AND SHARES ISAs INCREASINGLY POPULAR
Figures from HM Revenue and Customs (HMRC) have revealed that during the 2017–18 tax year, stocks and shares ISAs rose in popularity with 246,000 more accounts opened in the last tax year, compared to the previous tax year. This translates to a record inflow of £6.4 billion, bringing the total to £28.7 billion.