Magee Gammon News Millions Heading for Retirement Without a Financial Plan 

Millions Heading for Retirement Without a Financial Plan 

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. 

Do you own a business? 

The ultimate aim of every serious business person 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 price a buyer feels your business is worth.  

If you would like to discuss your personal exit plans we would be happy to do so with you — please call us! 

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