The rising cost of living and volatile investment markets are resulting in retirement dreams being undermined for millions of people.
New research from MGM Advantage has found that nearly four million retirees have scaled back their daily expenditure as a result of the rising cost of living.
Inadequate financial provision for retirement has resulted in over 700,000 retired people returning to work on either a full-time or part-time basis.
With the top priority for 58% of adults to have the freedom to live their retirement to the full or have financial security in later life, the reality is often very different.
Achieving your dreams and having financial peace of mind in retirement does not happen by accident.
Being able to achieve these things is the result of careful planning.
By seeking professional independent financial advice as you prepare for retirement, it is possible to gain a degree of insulation from economic and investment market events.
Even if you have left it until your planned retirement date to seek advice, the value of professional advice at this stage can result in the selection of a more suitable retirement income option or a higher annuity rate.
With price inflation running well above target, people in retirement tend to find the cost of living rising even more rapidly due to the nature of goods and services they consume.
With proper Financial Planning, we are usually able to help people to realise their retirement dreams, or at least to take less drastic action than they previously feared.
Photo credit: Flickr/Matthew Simoneau
