31 July 2020
A Sutton Coldfield-based financial expert says that thousands of people are working into their old age because of ‘pension blindness’ – which stops them seeing that they could retire.
Mike Jordan, from Jordan Financial Management, celebrating its 25th anniversary in the Royal Town this year, says people are in a financial position where they could retire but they just don’t realise.
“It’s a common situation, a kind of ‘pension blindness’,” he said, “that means people carry on working when they could be enjoying a well-earned retirement.
“I think this is a particularly relevant issue at the current time, because there will be a lot of people facing work uncertainty who might not realise that they could finish now and reduce their stress and worry considerably.
“Sometimes people are just so caught up in the anxieties of day-to-day work, hitting deadlines or targets to pay the bills, that they don’t step back to look at what options are actually open to them.
“Sometimes people don’t realise what income their pensions and investments could provide them with, and they also don’t realise that many pensions can be taken earlier than the date on their paperwork.”
The latest figures from the Office for National Statistics (ONS) reveal 1.17 million people now define themselves as retired before the age of 65, up from a record low of 1.09 million in January.
Now Mike, whose firm is based in the iconic Guildhall building opposite Sutton Coldfield fire station, is urging more people to take a step back and consider their own situation.
“Successful retirement planning means having the level of income you require when you need it. Of course, you don’t want to finish too soon as you could spend all of your money too early and therefore run out.
“But you also don’t want to necessarily leave things too long, by waiting until you’re 67 simply because that’s what’s on your paperwork. You could then find you actually have more money than you need – and have sacrificed some of your best retirement years and worked needlessly.
“We would sincerely encourage anyone who is over 55 to get their pension planning reviewed to see whether they can already retire, or how close they are and what they need to do to be able to do so.
“Of course, nothing is guaranteed but basing your planning on reasonable assumptions usually does produce the expected results.”
For more details about Jordan Financial Management visit https://jordanfm.co.uk/
Pictured: Mike (left) meeting with a client