Mohammed Amin’s Post

The amount of income needed for a basic retirement has increased by 60% due to the cost of living crisis we all have experienced over the last three years. It is important to review your Workplace retirement benefits annually and to increase your contributions annually as well to ensure that you take advantage of investment growth and this will help to build a good retirement fund. Pension pot amount needed for ‘basic’ retirement rises 60% in three years https://lnkd.in/eRbSrNAN

Millions of UK employees are on track for inadequate retirement incomes, according to new research from the Institute for Fiscal Studies (IFS). The study has shown that 30 per cent to 40 per cent of private sector workers saving in defined contribution pension schemes may fall short of standard income benchmarks in retirement. Don't approach retirement without a clear plan and clarity on what your lifestyle will look like. Through the use of forward looking cashflow planning we can help you to achieve this. Contact us today to discuss how you can gain the confidence that you need to look forward to a worry-free and enjoyable retirement. #financialplanning #retirementplanning

67% of Canadians aged 28 to 44 are concerned they won’t have enough saved for retirement... Employers can help by offering employees tools and resources for retirement while highlighting the lifetime security of pensions. Financially secure employees are more engaged and committed to their workforce—a true win for everyone. Read the full article here: https://lnkd.in/dGYB9xqy #EmployeeWellbeing #PensionPlans #TotalRewards

Are your employees worrying about their future retirement finances? A recent survey has found that A fifth (20%) of UK employees aged 40-60 said worrying about their future retirement finances is affecting their ability to work, Information is power—arm your employees with the information they need to make confident decisions about their retirement finances. 💪 #Pensions #Retirement #RetirementPlanning

Worried about retirement income? Social Security may not be enough, and pensions are a rarity. Annuities can be a powerful tool to bridge the income gap and create a secure retirement. https://lnkd.in/evAizEPU #retirementplanning #annuity #annuities #financialsecurity

As we celebrate National Social Security Month, it's crucial to understand the vital role Social Security benefits play in your retirement plan. A well-rounded plan, encompassing personal savings, pensions, and Social Security benefits, is key to achieving your retirement dreams. Social Security benefits typically cover only 40% of your income needs, so it's crucial to supplement them with other resources for a fulfilling retirement. https://bit.ly/3vteKAg

If the opening paragraph of this article was not scary enough for most people, it really should be edited to, "A single person will need £31,300 AFTER TAX for a moderate lifestyle in retirement". UK median average full-time earnings around £35,000 less pension contritbutions, tax, housing costs.... MUCH less than £31,000. If an employee with median earnings cannot afford a 'moderate lifestyle' whilst employed, what hope do they have of doing this in retirement? I think that the Retirement Living Standards are a really useful tool to help people to think about retirement planning. As the gap between 'minimum' and 'moderate' has grown substantially in recent years, it feels like this needs a recalibration, or introduction of a level between minimum and moderate (though too many bands then becomes confusing!) Aside from that, this highlights: the importance of the role that other forms of saving and assets will have to provide an income for retirement; the risks people face from an increasing State Pension Age; and the importance of supporting employees with retirement planning (if we assume the status quo on pension scheme design).

Like many clients i meet do you want more peace of mind around having a comfortable retirement? Many clients who walk in with this worry dont know what they have in their current or old pension pots and what they are invested in and the options available to them to grow the funds to help gain more peace of mind around a comfortable retirement. If you want a quick way to start feeling more confident in your retirement plans at no cost (except a few hours of time)....track down old paperwork, log in and spend an hour reviewing: The age you picked for retirement when you set it up - is it still the same as your current plan to retire? This could have a big impact on the investments you have been put in. The investment options while you build the funds - Are they the best option for you at your current age, feelings around market movements and timeline to retirement? If the funds are being "lifestyled' is that the right option for your plans for the money when you hit retirement? Pension pot amount needed for ‘basic’ retirement rises 60% in three years https://lnkd.in/exqait56

If this post doesn't scare you, it should! We are living longer, which means we'll need even more when we retire as time passes. Sadly, if you don't have a retirement plan, you probably will run out of money in retirement. The soaring costs of long term care will make it impossible for many of us to live in a place that provides good care. At CAAT, we are providing better retirement outcomes for Canadians, one employer at a time. Through our DBplus offering, employers can provide a secure lifetime income to their employees when they retire at a fixed cost. If the employer is already offering a retirement plan, the cost is the same, and there is no cost to switch. For your employees, it doesn't matter how long they are in our plan, they will earn a lifetime benefit when they retire. I'm not sure about you, but as an employee and a member of CAAT, that helps me sleep much better at night. Contact me directly if you wish to talk about pensions, whether you are representing an employer, or yourself. It might sound boring, but it's not. And it's important.

Under a traditional model, American workers were said to be able to rely on three sources of income to fund their lifestyle in retirement: pensions, Social Security and personal savings. Over the past few decades, however, what experts once called the "three-legged stool" for retirees has gotten wobbly. While many public sector workers still have access to a pension plan, private sector companies have all but eliminated them, shifting the burden onto employers to save in workplace-sponsored retirement plans. Just 15% of private industry workers had access to a pension in 2022, according to Bureau of Labor Statistics data.