Did you know that a third of retirees spent more time choosing their car than they did choosing their pension? Ok, to many of us, enjoying the nicer things in life, and embracing a sense of Carpe Diem when the time is right is fully understandable, however, new research by Legal & General suggests that perhaps a little more preparation should be applied to ensuring a happy retirement.
The L&G ‘Price of Freedom’ survey data also shows, that despite 52% of us feeling that financial security is of the utmost priority in retirement, only 30% of the 2,000 respondents admitted they had never worried about their pension pots running dry. Nobody enjoys sleepless nights worrying about money.
Also, a quarter of those retirees questioned admitted they did not know what constituted a good return on their pension investment – with 40% feeling that a rate of around 3% and 7% should be the target. Do you think the same?
The findings of the survey also pointed to a guaranteed income being the ideal situation in retirement. L&G retail retirement managing director, Emma Byron, said of the findings; “Our research shows that for retirees who want clarity and certainty around the affordability of their planned retirement, annuities clearly have the potential to meet their needs,” she said. “But, there is still work to do for all of us in our sector, to ensure that planning retirement and choosing how we access our pension are clearer and hassle-free.”
Here at The Financial Planning Group, we have over 25 years’ experience in advising clients on how to plan for their futures, WITHOUT running out of money. As chartered financial planners, we employ sophisticated ‘future-forecasting’ software to aid in the advice process, where we can model various retirement scenarios and stress test them all.
We guide our clients through the complex world of pension freedoms and let them get on with enjoying the retirement their savings enable them to enjoy and have peace of mind.
If you would like to like to arrange a consultation at our offices in the heart of Teddington, please call Tim Norris or Alan Clifton on 0800 731 7614.