Aviva and Age UK’s ‘Retirement Reality: Managing money in mid-retirement’ report highlighted a few worrying retirement statistics. Aviva and Age UK surveyed 1,000 mid-retirees (aged 65-75) who have a private pension and are on a moderate retirement income or have a final salary pension over £20,000 per year. Here are a few of the report’s findings.
This report by Aviva is part of a joint campaign with Age UK to introduce a mid-retirement MOT. They proposed, “A mid-retirement MOT could offer pensioners guidance and support while they are in retirement and would act as a financial and lifestyle review that could include a conversation about estate planning, fraud protection, access to state benefits, and managing finances if they start to experience cognitive decline.”
A Financial Planner… Worth Their Weight in Peace of Mind
Let’s be honest — life is complicated enough without trying to become a master of pensions, investments, and tax rules. Most of us don’t have the time, knowledge, or desire to actively manage our finances in a way that keeps everything on track for the future. Add in the constant changes in government rules, market ups and downs, and all the social media experts sharing their views — it’s like trying to put an octopus in a string bag. You might get one or two arms in, but the rest? Flapping around in all directions.
That’s why we believe a financial planner really can make a difference.
Yes, it’s about growing your money so you can afford what you need in retirement. But there’s more to it than that, it’s about helping you make informed choices giving you confidence and peace of mind. It’s having someone with experience who has lived through the ups and downs of outrageous markets looking out for your future.
Getting the Balance Right
When it comes to investing for the future it’s about finding your own “Goldilocks” zone — not too hot, not too cold. Just the right amount of risk to help your money grow and behave as you expect over the long-term.
The tricky part is that investments are unpredictable, they don’t move in a straight line. You’ll have good years, okay years, and sometimes, inevitably, there will be difficult years. If you happen to be taking regular income at the same time as the market is going through a rough patch, that can make it feel even worse.
This is where having someone with years of experienced by your side matters. A financial planner helps you stay the course, see the bigger picture, and not make knee-jerk decisions that might hurt you later. Because trying to jump in and out of markets to avoid losses can easily end up doing more harm than good.
Smart Planning, Less Tax
If you’ve built up savings across a number of products — pensions, ISAs, investments, maybe even a little rainy-day cash, you might be wondering, “Which one should I use first?” That’s a great question, and the answer can make a big difference to how much tax you pay over time.
It’s not just about making your money last; it’s about making sure more of it stays in your pocket. Tax rules change, and no one can predict the future, but a financial planner can help you make wise choices today that keep your options open for tomorrow.
Living Longer, Planning Smarter
These days, most of us are living longer. That’s good news, but it also means our savings and pensions need to stretch further. No-one wants to outlive their money. Things cost more than they used to, and inflation can quietly eat into your spending power over time. That’s why reviewing your plans regularly is so important. What worked a few years ago might not be right today.
More Than Just Numbers
A good financial planner does much more than just crunch the numbers. They help you prepare, understand your options, and guide you through important decisions. They’re also there to keep you grounded when emotions run high — because the worst financial decisions often happen in moments of uncertainty or fear.
In short, we are not just here to manage your money. We’re here to help you manage life, the good bits, the okay bits, and the not so good bits.
Financial planning is complex and intimidating for most people. It is easy to feel overwhelmed by all the moving pieces. Remember, you are not alone. You don’t have to figure it out by yourself. It’s what we do. We know things can get complicated. That’s what we are here for. If someone you know is finding financial issues difficult, just call. We are always happy to help.