In the first of a series of articles about the importance of setting long-term savings goals, there is a need recognise why it is important to find an effective balance between your income and savings when undertaking retirement planning in Chelmsford.

As part of research to have been completed on behalf of Aegis Financial Planning, it was found that typical over-55s’ (median) monthly income has risen by 11% from £1,212 in quarter two of 2013 to £1,341 in quarter two of 2016 which is clearly likely to have an impact upon retirement planning in Chelmsford.

This is because the quarter two figure for 2016 was somewhat down from £1,382 in quarter one and £1,419 in quarter four of 2015 as a result of a fall in the percentage of over-55s receiving an income from investments and savings from 29% in 2015 to 25% in 2015 so as to detrimentally impact upon retirement planning in Chelmsford.

Moreover, it is also to be noted that quarter two of 2016 saw the highest proportion (12%) of over-55s with no non-pension savings and investments in almost three years making their retirement planning in Chelmsford somewhat flawed. This is because the aforementioned research to have been completed on behalf of Aegis Financial Planning found that over-55s’ typical savings and investments pot fell for a second successive quarter to £12,590.

At the same time, however, there is a need to recognise that there was a distinct rise in the percentage of over-55s whose savings included a tax-free lump sum from their pension savings to aid their retirement planning which increased to 16% (its highest level since quarter two of 2014).

For more information for those concerned with finding an effective balance between your income and savings when undertaking retirement planning in Chelmsford, please contact our dedicated Essex-based staff at Andrew Douglas Wills and Legal Services now via www.andrewdouglaswills.co.uk or on:

01376 348 997

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