Is the cost-of-living crisis affecting your retirement plan?

Crisis

First it was Covid, and now it’s rising inflation, energy costs and interest rates. The cost-of-living crisis is affecting people up and down the country - but is it affecting retirement plans?

A recent survey by Royal London indicates that it might well be, with 58% of over 55’s now considering working in some way during their retirement. With some not even be planning or feeling that they are able to retire at all, the retirement landscape is changing. However, if we are not wanting to work well into old age and ill health, then forward planning is required.

According to the Pensions and Lifetime Savings Association's Retirement Living Standards, a single person will need £10,900 a year for a ‘minimum' level of retirement, £20,800 for a ‘moderate' retirement and £33,600 per year to be ‘comfortable'. For couples, those figures are £16,700, £30,600 and £49,700 respectively.

With the yearly full state pension at £9627.80 from 2022/2023, a single person already has a shortfall of over £1,200 just to reach the ‘minimum’ level of retirement living standards with no other pension provision or savings in place. If they are aiming to be ‘comfortable’ then the shortfall is over £7,000.

With research showing that someone who takes financial advice could be 39% better off* in retirement than someone who doesn’t, those worried about their pension provision in retirement should speak to an Independent Financial Planner. Here at True Bearing, we have 25 highly experienced financial planners around the North West and beyond, so there will be one local to you.

If you would like to speak to one of our Independent Financial Planners about your pension, or any other aspect of financial planning then please contact us or call 01257 260011.

* Research taken from a market survey carried out in 2017 by Dunstan Thomas

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

Growth Plan maps out £20bn-plus investment journey Mo Isap from the Lancashire Business Board with the plan

Growth Plan maps out £20bn-plus investment journey

18 Sep 2025

2

Post Office future secured as council explores new options Abington Street Post Office

Post Office future secured as council explores new options

17 Sep 2025

3

Airframe Designs supports new defence strategy with pledge to nurture talent Jerrod Hartley

Airframe Designs supports new defence strategy with pledge to nurture talent

17 Sep 2025

4

Fox Group makes second acquisition since Stellex Capital backing Roger Thistlethwaite, managing director NMS Civil Engineering Limited. Paul Fox, CEO Fox Group. John Flood, Executive Director Fox Group

Fox Group makes second acquisition since Stellex Capital backing

17 Sep 2025

5

Villa at Wrea Green bought for £3.6m by Haythornthwaite family The Villa Wrea Green courtesy of The Villa Wrea Green

Villa at Wrea Green bought for £3.6m by Haythornthwaite family

16 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Ladies Lunch
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
18 Sep 2025 - 18 Sep 2025

Ladies Lunch

Lancaster Golf Club, Lancaster, LA2 0AJ

12:00 - 16:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

The Marketing Metrics That Matter – Sept 25
Metris 25.09.png.png
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

The Marketing Metrics That Matter – Sept 25

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin