Five financial planning tips to make sure your pension pot will last during retirement

dailyrecord.co.uk:

Managing your money might require a rethink in retirement, particularly as your savings may need to stretch over decades now that people are living longer.Not only do you need to think about your day-to-day finances, but it is also important to consider how much you are likely to need in the longer term.According to a recent survey of 1,500 people carried out on behalf of Hargreaves Lansdown in September 2021, around one-third of people said they hoped to retire either to the country (29%) or near the sea (34%), while moving overseas is a desirable aspiration for a quarter (27%) of people.However, when it came to whether these desires are realistic, only 15 per cent said moving to the country was something they could plan for, while 17 per cent said the same for moving to the sea.Commenting on the findings, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Many of us dream of getting away from it all in retirement, but only a lucky few will be able to afford it.

Spending our golden years in the country, by the sea or even overseas is seen as highly desirable, particularly among younger people.

However, only a small minority expect to be able to afford it.”Helen continued: “As we get older, fewer of us dream of a move.

It may be because we get attached to our homes, and don’t want to leave friends and family. However, for an awful lot of people, this is just the dawning realisation that being able to pack up your bags and move away just isn’t financially viable.“While many people will have properties they can sell to help finance their dreams the process can be expensive and you may end up with less money than you thought you would.