Redefining Retirement

Retirement Income Uncovered

Retirement in the UK is changing, from the decline in final salary schemes as a means of providing retirement income, to an increase in reliance on inheritance.

How you prepare your finances for the time in your life when you decide to leave the full-time workforce is critical. But what exactly are you planning for, how much do you need and where does it come from?

In December 2014 we commissioned a series of in-depth consumer retirement income studies, conducted on our behalf by YouGov of over 1,500 people between 50 and 75 years old to try and understand consumer expectations and reality of retirement income for when they decide to start, or continue, the next stage of their life journey which they may view as ‘retirement’. Each survey takes account of the fast moving changes that are taking place in the pension freedom world of today.

These reports provide some valuable insights into what retirement may look like today, how it is likely to look in the future, the levels of income expectation and how that income may be created. Most importantly it highlights from the survey responses the difference receiving financial advice has made to the delivery of improved levels of retirement income and peace of mind for clients.

In our Retirement Income Uncovered reports, you will find out more about:

  • the difference between the actual average income in retirement and the income those approaching retirement are expecting
  • how much of your pre-retirement income you need to be satisfied in retirement
  • how many people expect part-time work to provide some of their retirement income

and many other interesting facts about what you can expect in retirement

We have just published the third in this series of surveys entitled ‘ Retirement Income Uncovered- The New Normal’ that has focused on consumer experiences and expectations of retirement, including levels and sources of income, the use of financial advice, levels of debt and expectations around inheritance

Key findings from this latest report are:

  • Only 15% of those surveyed retired simply because they reached the state pension age
  • 30% of pre-retirees intend to continue to work part-time in retirement
  • 24% of those surveyed  would consider releasing value from their property to fund retirement.
  • Only 48% have had an inheritance conversation with those who stand to benefit.

Following on from the findings from the earlier 2015 report on how valuable it is to get financial advice, this report reinforces that taking professional financial advice really does pay.Retirement income uncovered - the new normal

Retirement Income Uncovered 2016 report

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Copies of the research findings from the earlier 2014 and 2015 surveys can be downloaded through the following links :

Retirement Income Uncovered 2015 report

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Retirement Income Uncovered 2014 report

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Many of you may be looking at your plans for retirement and many of the insights included in these reports may also be of importance to you  in  reviewing your personal planning.

Discussing any issues that you think are relevant to your personal situation with your financial adviser as part of a review should undoubtedly help with your planning. Taking any relevant actions that may be needed will help achieve the outcomes you’re looking for and give you peace of mind for the future

If you currently don’t have a financial adviser but may want to contact one to discuss your retirement plans, selecting the link below will provide you with access to advisers that you can speak to to discuss your future plans.

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