Over time, with life expectancy and the cost of living rising, it could mean that some individuals are at risk of running out of pension income in later life. So, what can you do to make sure that you have a big enough pension to meet your needs for the whole of your retirement?

Why is a lifestyle MOT important?

To begin with, we all know when planning for retirement, the earlier we start saving and investing, the better off we’ll be, thanks to the power of our money compounding over time. And even if we start saving later in life or we’ve yet to begin, it’s important to know that we’re not alone and that there are steps that can be taken to increase our eventual retirement savings.

As an alternative or perhaps bonus solution, you can also run a lifestyle MOT with a GWM financial adviser to help take control of your financial future.

What are the advantages of a lifestyle MOT?

The lifestyle MOT encourages individuals in their 40s, 50s and 60s to make more active planning and meaningful decisions in their key areas of work, wellbeing and money. It’s aimed at helping you to make choices that will ensure the future retirement you want.

At some stages in your working life, you could be at risk of losing your job unexpectedly, including through redundancy. Additionally, health problems and caring responsibilities disproportionately affect people over 50. Once out of work, it can be difficult to return.

Planning for the future

Many people underestimate what they will need in later life. Planning ahead can boost your resilience in crucial areas. Start your lifestyle MOT journey now by asking yourself:

My work: Am I confident I can continue in my current job, or do I need to protect myself by reskilling? Will caring responsibilities or other priorities mean I need to work more flexibly?

My health: Am I taking the right steps to maintain or improve my health? Would workplace adjustments make it easier for me to stay in my job for longer?

My money: Do I have enough savings to maintain my current lifestyle? I’m confused about pensions, what are my options?

My work and skills: As your situation changes as you get older, you may find that flexible working arrangements can make a difference.

With discipline and determination, you can be on your way to a comfortable life after years of hard work. Building a retirement pot requires more certainty in your financial planning and less risk-taking (depending on factors such as age and your attitude to risk).

It’s never too early to start planning for your retirement! With discipline and determination, you can be on your way to a comfortable life after years of hard work. To find out more about how Grosvenor Wealth Management can support you take control of your future and achieve your financial goals, contact the team today book your free 1-2-1 financial adviser consultation.

PLEASE NOTE: Grosvenor Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. The value of investment can go down as well as up and you may not get back the original amount you invested. Tax treatment is dependent on individual circumstances and may be subject to change. Tax planning is not regulated by the Financial Conduct Authority.