60% of People are force to retire ahead of plan

So, your goal is to work until you're 65, then head onto that cruise, or buy that second home in the West Country? But sometimes reality doesn't jibe with your plans.    According to a recent survey, 60% of retired workers said they had to stop working unexpectedly.

It's notable that more & more people anecdotally are not necessarily retiring just because they're moving off into the sunset and taking walks on beaches. Retirement for many is something that happens as opposed to something they chose - It's not the people who turn 62 and want to retire at 62 and do. It's the people who turned 64 and wanted to work till 68 and it didn't happen the way they wanted to.

Among the 1002 recent retirees who were surveyed, 29% said the timing of their retirement was somewhat unexpected, while 31% said the timing was very unexpected. 33% said they left their jobs involuntarily - the largest number 16% because of ill health, 11% because they lost their jobs, 3% to care for a spouse or dependent and another 3% because of their age.

Such unpredictability lends credence to the oft-given advice that workers need to save as much, and as soon as they can.  Saving is just part of the solution. It's thinking about all the elements that will factor into a successful retirement. What do you want your lifestyle to be like? Is it about paying down debt? Understanding about your health care expenses?

Retirees also will need to consider how to take their savings vehicles, such as ISAs and pension funds and convert them to income.  It's one thing to accumulate these accounts - it's much more of a challenge figuring out how to draw down your money in a tax efficient way - that will allow you to NOT to outlive your wealth.

For that, it's best to seek out an Independent Financial Adviser. At Investment Solutions - we are here to help.