Making sure you can earn the life you want in your retirement.
It sounds daft doesn’t it, earning too much? Probably not something most people think about
let alone imagine being a problem. But for those individuals at the peak of their careers it can be.
An article titled ‘Median full time gross weekly pay of the highest paid occupations in the United
Kingdom (UK) as of April 2020*’ showed the following as the highest earners in the UK.
1. Chief execs
2. Marketing and sales directors
3. Legal professionals
4. Various types of directors
5. Medical practitioners
6. Senior professionals eg in education
7. Senior police officers
8. Tram and train drivers
I’m guessing that most of the professions in the list will not come as a shock to you. Others however
may just surprise you.
So, what are the problems if any of earning too much in your forties and fifties?
Well for one thing, you’re still some way of retirement. If you are earning a lot in your forties and
fifties, you are also likely spending a lot. But are you putting away enough for retirement? An
extravagant lifestyle during your working life can make it harder to adapt to a more modest lifestyle
in retirement.
If you are putting money away into your pension, good for you but are you aware of where you are
in comparison with your lifetime allowance?
There are many more things to consider but hopefully this gets the point across that there are
considerations to be made when it comes to higher earners.
Speak to someone you trust about how to make sure your retirement works for you.
*https://www.statista.com/statistics/282397/highest-paid-occupations-in-the-united-kingdom-uk/
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