How long will your savings last?
What a time to be alive!
People are living longer than ever before, and the latest results published by the Office for National Statistics (ONS) show that ‘in 2014 to 2016, a man in the UK aged 65 had an average further 18.5 years of life remaining and a woman 20.9 years’.
However, trends show that people often tend to underestimate the length of their retirement, which also means they’re underestimating how long their pension will need to last.
You can use the ONS life expectancy calculator to estimate how long you’ll need your money to last, which can help with your overall pension and retirement planning. The calculator can be found here.
You may want your pension to be able to support not just you, but your partner and or/children too.