4 Jan 2022
This year, nearly 700,0001 people will reach state retirement age. Each person will face a very different retirement journey: many choose to work beyond this point, some will want a phased approach to retirement while others may have retired already. The pandemic also continues to affect people’s retirement plans, with 12% of employees aged 50+2 estimating that they will delay retirement due to its impact. But what they all have in common is the need to make decisions about planning for, and managing, their money in later life.
To help people navigate this milestone, Emma Byron, Managing Director of Legal & General Retirement Solutions, shares seven things to consider:
Emma Byron, Managing Director, Legal & General Retirement Solutions: “Retirement means a lot of different things for different people but if the pandemic has taught us anything, it is to prepare for uncertainty. This is particularly true when it comes to our finances. As we look to the year ahead, we can only guess what impact rising inflation might have on our living costs or savings. This makes it even more important for those on the cusp of retirement to get their financial affairs in order. These seven tips are a helpful starting point, however, the single best thing you can do is make a financial plan, and review it annually, and readjust or re-evaluate should circumstances change for you or your family.”
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
(As of June 2021)