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10th September 2018 Paul Andrews

Lamont Pridmore calls on savers to think about retirement sooner as new research shows 80% of people are not putting enough away

Award-winning chartered accountants and advisors, Lamont Pridmore, believes that people across the region need to plan ahead to make the most of their later years in retirement.

Its call to action comes after the Pensions and Lifetime Savings Association (PLSA) revealed that four out of five people it had surveyed were not sure whether they had saved enough for their retirement. 

Encouragingly, a third of those asked said they could save more for retirement and Lamont Pridmore suspects that in some cases savers just may not be aware of the opportunities on offer. 

They believe that many people should look to create a Life Wealth Plan, which considers their goals for the future and ensures that they are saving wisely, using a variety of schemes and reliefs.

Graham Lamont, Chief Executive at Lamont Pridmore, said that many people leave it too late in life to plan and that early action will make the process of saving less onerous.

“When you speak to younger savers about retirement they often admit that they do not save or rely exclusively on a workplace pension or simple ISA scheme, but in many cases, as the research suggests, they could be doing much more,” said Graham. 

“While I appreciate that younger savers have other concerns, such as building a deposit for a home, covering their rent or raising a family, early action can make the process of preparing for retirement much less stressful and give them more opportunities to enjoy later life.”

Graham added that a Life Wealth Plan can help to create a clear, long-term wealth strategy that takes into consideration life insurance, tax-efficient borrowing, maximising an ISA portfolio, tax-free investments, and looking further ahead, estate planning and the preparation of a will.

Chris Lamont, a Partner at Lamont Pridmore, added: “By planning ahead early in life and sticking to your targets you may find that you are able to retire early or live out your retirement with a much higher quality of life."

“Not only that, but a good plan will also include provisions for your family to ensure that the maximum amount of wealth is passed on to the next generation.”

Further information about Lamont Pridmore is available by telephoning 0800 234 6978 or emailing info@lamontpridmore.co.uk

 

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