Matt - Later Life, Planning & Entering Retirement
Icon Key
Moments
Growing Up, Studying & Re-Qualifying
Entering & Re- Entering the Workplace
Relationships: Making Up & Breaking Up
Parenthood & Becoming a Carer
Later Life, Planning & Entering Retirement
Ill-Health, Infirmity & Dying
Perils
Financial Capability Imperative
Pay Gap
Shared Living & Cohabitation Pitfall
Parenthood & Caring Penalty
Flexible Working Sacrifice
Wellness Threat
Divorce & Separation Setback
Abuse Danger
Pension Deficit
Financial Wellbeing
Longevity Trap
Graduation Gap
Skills & Qualification Gap
Matt - Later Life, Planning & Entering Retirement
Matt has just moved into his partner’s flat. Once they’ve settled-in they plan to take some “time out” to travel. They are sorting out their finances and what they can afford.
Millennials underestimate how much they need to save for retirement by a factor of three.
Half of people do not consider a financial or pension plan when taking time out of work.
Matt (and his partner) can take stock of their pensions. A range of guidance and apps are available online including pension calculators which help to work out retirement lifestyle needs and monthly pension savings. Matt can also check out if his employer runs pensions wellbeing sessions. They can also draw up a financial plan and consider the impact on pensions – including the impact of a break on eligibility for workplace schemes.