The hopes and fears of retirement years

Posted on Jan 30, 2019

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Retirement is a period in our lives that we think about with a mixture of emotions. The prospect of free time to do as we wish – perhaps travelling or spending more time with friends and family – can seem very tempting; yet we might also feel anxious that we, or perhaps our partner, might not continue to be in good health. Add to that a nagging worry that we simply won’t have the funds available to enjoy a stress-free retirement.

According to recent figures from Hargreaves Lansdown, the things which people look forward to most in retirement are travel (46%), free time (42%) and spending time with a partner (31%). That said, 3% of people admitted that they dread the idea of spending more time with their partner once retired!

The research also showed some differences between men and women regarding how they anticipate spending their retirement:

27% of men chose ‘spending time with their partner’ in their top three retirement desires, compared with 36% of women.
17% of women are excited to look after grandchildren, compared with just 12% of men.
15% of men cannot wait to spend time watching TV and films, compared with only 7% of women.

When we discuss pension planning with couples, we always ask about their hopes and fears as they look ahead to retirement. It is interesting, as sometimes we do hear conflicting opinions. Even couples who have been together for many years discover that they have a different set of future plans in their head – but often a discussion with us helps to get them heading in the same direction or at least, reaching a compromise which suits them both.

We often find that people have put some of their plans on the back burner, as they are nervous about spending ‘too much money’ but sometimes if we know they have a particular goal, we can work with them to reach it.

While hopes and dreams are a big part of retirement planning, people are bound to have worries as well. Again, according to figures from Hargreaves Lansdown, not having enough money is top of the list of retirement fears, at 48%. This is followed by becoming ill (43%) and losing mental capacity (38%).

At The Goodman Partnership, we can help you to understand if your lifestyle needs can be met in retirement – taking into account your particular circumstances and goals and then specifically discussing how you might tax efficiently draw from your various pension schemes and other investments.

Give us a call on 01892 500600 or click here.