Are You Ready for Retirement?

Written by Karen Bryan

Recent research conducted by Aegon highlighted that 9 out of 10 people in the UK aren’t prepared for retirement, with many people underestimating for how many years they’ll live and overestimating their pension income.

Using the Aegon Retiready online retirement planning service can help you prepare for retirement.  It only takes a few minutes to answer questions such as your planned date of retirement, current payments into your pension and desired income in retirement, to give you a score out of 100 to indicate if your retirement expectations are likely to be fulfilled.

retiready

If your retirement aspirations are not looking achievable, you can go on to the Retiready online tool to create a plan, so that your can attain your retirement goals.

I was one of the coaches at the recent Retiready boot camp in London. Along with investment consultant Robert Gardner and healthy living expert Julie Parry-Jones, we gave tips to three people – Derek, Joe and Angela, to help them get ready for retirement.

retiready boot cmap

My focus was on giving the attendees tips on how to save money on their living expenses in order to increase the amount that they pay into their pension pot.

I’m so glad that I started paying into a stakeholder pension around 15 years ago. I recently bought an annuity which gives me an inflation proofed small income for the rest of my life from the age of 55.

If you start saving when you’re younger than I was when I started, and an employer also contributes to your pension, then you could have a decent pension to enjoy retirement.