Recent research has revealed that huge sections of UK retirees are feeling increasingly anxious concerning their later life once they stop working.
According to research from Equity Release Supermarket, huge swathes of the population feel pessimistic about how gilt-lined their ‘golden years’ will actually be.
51% of respondents, disillusioned with what their pension contributions will offer, were resigned to the fact that their disposable income would decrease once they stopped working. Furthermore, 6% were under the assumption that they would never retire because their pension contributions would not stretch far enough.
12% of the respondents aged over 70 were still working, unable to retire on their current state and private pension offerings.
When only 29% of respondents feel confident that they will have adequate financial security once they retire, the full extent of the issue becomes clear. The majority of the population have been unable to contribute enough to a private pension pot that will ensure they are able to retire comfortably.
According to a 2018 Scottish Widows Adequate Savings Index Report, in order for a couple in their 30s to amass the estimated £206,500 they would need to contribute in order to supplement their state pensions and live off an annual household income of £26,000, they will need to pay at least £337 each per month into a private pension.
This rises to £487 per month for those over 40-years old and £1,455 for those over 55-years-old.
In a world where the average age is increasing whilst pension pots and retiree finances are being squeezed beyond breaking point, understanding the plight of our nation’s most vulnerable sector has never been more important.
The Institute of Professional Willwriters (IPW) and the Institute of Scottish Professional Willwriters (ISPW) are proud of the in-depth understanding and personalised approaches their members are able to offer to their clients.
As more people are reliant on the equity in their homes to help fund their later life, the challenges and issues facing older members of society is a vital area that all practitioners need to remain abreast of.
The Institute’s training provider, The Willwriting Academy Ltd, offers a range of leading courses tailored to solidifying understanding on many pertinent issues affecting Wills and estate planning.
On June 11th 2019, at the Ibis Styles Hotel in Birmingham, the Institute will be running an Advising the Elderly CPD course. For those looking to gain a greater understanding of issues affecting the elderly, this course will provide the necessary insight and detail that will set you apart from the competition.
Additionally, as the ageing population increases, the Introduction to Estate Taxation course, on July 9th 2019 at the Ibis Styles Hotel in Birmingham, will provide a clear grounding in Inheritance Tax implications, as well as the issues surrounding Capital Gains Tax.
Make sure that you are able to provide up to date, relevant and constructive advice for the UK’s most vulnerable members of society by availing yourself of the excellent training opportunities open to Institute members and non-members.
This article was submitted to be published by the Institute of Professional Will Writers as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
