Are you still on track for retirement?
In Pact Accountancy, we help people in the UK plan for a comfortable retirement. Most of us can remember the day we left school or university to start our working life. However, today may be closer to retirement day when you start your first job.
In the 1980s and ’90s, people became accustomed to the idea of saving through pension schemes and personal pension schemes, as providing retirement income was paramount. Commentators warned that in those years, people were not investing enough for retirement. So what is the retirement status today? In recent years, some people have talked about the crisis ‘pension crisis, which has caused some trouble, with many people unaware of their retirement income shortages or not finding a solution to the problem.
Your pension plan may not be worthy of your immediate attention. However, with the warning that people are saving very little towards retirement, the challenge is clear. If the state pension head is not a source of income (and probably not entirely adequate), then the action is needed.