March 10, 2020 News No Comments

Research from the World Economic Forum claims that the average UK retiree is likely to outlive their retirement savings by more than 10 years.

Men are expected to outlive their savings by 10.3 years on average, whereas women are forecast to be affected the most; outliving savings by 12.6 years.

It is clear that various pension schemes are under strain around the world and this places more responsibility on savers to prepare for their own retirement. However, the report shows that savings have not accelerated fast enough to cover the gap.

The UK government has aimed to reduce this gap by introducing workplace pensions for those earning above a minimum level, where it is compulsory for employers and employees to contribute. However, it is still possible for the employee to opt out of such schemes.

At Eldon, one of the major elements of our service is to ensure that our clients have sufficient funds throughout their life to cover expenditure requirements and meet their objectives. By using cashflow modelling software we can project forward our client’s circumstances allowing them to see in a clear, illustrative manner what their future position looks like. From here, our client can understand whether additional savings are required or even show where additional spending is affordable.

If you would like a better understanding of your financial affairs as a whole, please do get in touch with a member of the team and we will be more than happy to help.

Written by Adam Kinsley