Manchester accountants are often required to help their clients with pension planning – and new figures from the Office for National Statistics show the importance of this in light of increasing longevity throughout the UK.
The latest ONS data shows that Manchester residents currently reaching the age of 65 can expect to live, on average, another 15.8 years, taking them to the age of 81 when they die.
For those who do not wish to continue working in retirement, it is more important than ever to have suitable pension arrangements in place, or an alternative form of income such as rental property.
Manchester accountants can advise on a broad range of different issues, from private pension arrangements, to specialist property accountants capable of identifying any property tax issues that could adversely affect rental income.
Women in particular might want to ensure their finances are in order before reaching retirement, as the figures show Manchester has the shortest female life expectancy of anywhere in the country.
At 79.5 years on average, Manchester’s women die more than seven years sooner than the location with the greatest longevity, Purbeck, where the female population lives for an average of 86.6 years.