I recently saw this as a title and it got me thinking about how true this is, imagine this: you’re living comfortably, paying your mortgage or rent, covering bills, enjoying holidays, and saving for the future—until one day, an illness or injury stops you from working.
How long could you continue supporting your lifestyle?
For many, the reality is stark: they are "renting" their lifestyle, with little financial protection in place if life takes an unexpected turn.
In fact, 58% of people are concerned about a loss of income if they can’t work due to illness or injury (†). Yet, only 8% have income protection in place (†). This means the majority are relying on savings that, for many, wouldn’t last six months. Could you afford to keep renting your lifestyle without an income?
The Under saving Crisis
This issue goes beyond illness and injury. Many people are also renting their financial future by under saving for retirement. According to government data, nearly 1 in 5 people (19%) will have an income below the full new State Pension when they retire. Even worse, in the lowest earnings category, 44% of people will face inadequate pension income (†2).
With rising living costs and the average retirement now expected to last longer than ever. Relying solely on savings or state benefits leaves many vulnerable.
Protect Your Present and Future
Here’s the truth: financial security starts today, not when you’re nearing retirement or facing a sudden health crisis. Income protection is a crucial step towards "owning" your lifestyle. It ensures that if you can’t work, your essential expenses like rent, bills, and groceries are still covered. Beyond that, Income Protection can have different practical benefits like rehabilitation support and hospitalisation cover. These can help you get back on your feet faster depending on provider and options selected.
Take Control of Your Financial Well-being
Don't be one of the millions of people renting their lifestyle throughout their working life only to discover they haven’t saved enough to maintain it in retirement. Whether it’s through income protection or more robust retirement savings, the power to safeguard your financial future is in your hands.
It’s time to stop renting and start owning your lifestyle. Contact me today about how you can protect your income and ensure a comfortable retirement. The steps you take now could be the difference between struggling and thriving when life doesn’t go as planned.
* Protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions.
Chris Hopkins DipPFS
Financial Advisor
Mob. 073 6888 2092