Do we need to re-think pensions?

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With new research showing most people are in their mid-40s before determining the amount they need to save for retirement, Paul Gilsenan Wealth Management considers whether a different way of thinking is the key to successful pension savings…

We all have an image of retirement – cruises around the Italian coast, fully paid-off home, helping the grandchildren; what many fail to calculate is the cost to fulfil these dreams.

Indeed, new research from insurance firm Aviva shows that most of us are in our 40s before even asking the question.

Many are “living for today” with 12% of over 50s considering a big purchase, such as a car or kitchen, before topping up the pension pot.

So, what is the solution?

“Perhaps we need to start thinking of pensions not as savings for a future none of us are certain of, but as a regular monthly cost, like your mortgage or car payments,” says Paul Gilsenan, Principal of Paul Gilsenan Wealth Management, a Partner Practice of St. James’s Place Wealth Management.

“The best solution is to sit with a professional financial advisor and start talking. The answer will be different for everyone and will undoubtedly change as your personal circumstances do.

“Having a professional by your side will ensure you are always in the best position to adapt, while keeping to your ultimate goal.

“It’s never too late for a professional assessment of your circumstances. Solid advice and strategy can help you stay on track, giving you an image of retirement that is less fantasy and more fulfilling.”

Based in Wynyard, Paul Gilsenan Wealth Management provides expert financial advice that helps discerning individuals and businesses achieve their principal financial objectives.
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The Partner Practice represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website The titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.


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