Millions of over-55s in the UK are at risk of encountering financial difficulties in their retirement, new research has revealed.
One of the UK’s leading at-retirement advisers commissioned an independent survey of 2,000 UK adults, finding that less than half (46%) of respondents currently have a financial plan in place for their retirement – with this figure only rising to 47% for those aged 55 and above.
When it comes to retirement savings, just 51% of UK adults know how much is in their pensions – again, there is only a slight increase (to 56%) among those aged 55 and above.
The research also showed that less than a third (32%) of over-55s are confident they will retire with enough money to achieve their desired lifestyle.
Research has also shown that only 16% of over-55s regularly use the services of a wealth manager or independent financial adviser (IFA), while just 19% have spoken with an IFA in the past 12 months to help them understand how to adapt their pension plans to the current economic climate.
Using your business to fund your retirement?
The ultimate aim of every serious business owner is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably. Recently, we have been helping a number of our entrepreneur clients develop exit strategies. There are many issues to consider:
- When do you want to retire?
- Can the business be sold to your employees?
- Is a trade sale more likely?
- Are there children involved?
- How much is the business worth?
- What needs to be done to enhance the value of the business?
- How long will it take?
- Do you want/need to stay on after sale or transfer?
- What are the tax consequences?
We have a tried and tested methodology to address these issues and to help you prepare your business for sale, find potential buyers and help you negotiate to get the maximum amount possible for your business, and your retirement!
