Page 42 - Phonebox Magazine October 2016

In August, Old Mutual Wealth published a report titled ‘Retirement Income Uncovered’ and it makes for some very interesting reading – well at least as far as pensions are concerned! It covers several di erent areas of retirement but perhaps the two sections that stand out are ‘The Retirement Experience’ and ‘Financial Advice’.
In the rst of these sections, the research shows that only 15% of those surveyed retired simply because they reached state retirement age. This compares to 19% in the 2015 survey. This suggests that the state retirement age is not the watershed moment in people’s lives that it once was. Of the 30% of future pensioners that said they would continue to work after retirement age, 56% suggested it would simply be to help ends meet. This is not perhaps surprising when you consider the fact that a third of retirees surveyed were in debt at retirement, with the average being £34,000. In London, this gure was £67,000.
One of the most staggering gures to come out of the survey is that those retirees who had a plan and saw an adviser regularly, enjoyed a retirement income which is 41% higher than those that never saw an adviser - £24,175 compared to £17,168.
All of the above suggests that the need for nancial advice is as crucial as ever, to try and ensure that you make the most of the assets you hold.
If you would like to discuss or review your own investment or retirement plans then please call us. Initial meetings are without charge and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
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42 Phonebox Magazine | October 2016
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