Study reveals only minority ready for retirement

Savings piggy bank

Recent research here in the UK has uncovered that only 49 per cent of Britons in their 60s who are part of money purchase schemes feel prepared to enter retirement.

Examining the state of mind of UK savers, the study also found that close to a third of respondents spent time worrying over coping with their future income requirements. As a result, such individuals felt unable to enjoy looking forward to their retirements. Among those surveyed, 70 per cent also felt compelled to check their current pension values more frequently than once per month.

In terms of a financial planning, just 12 per cent had a fixed idea of the income and net assets they required for retirement. While close to 50 per cent had no plan in place for retirement, only 37 per cent had a rough idea of their income requirements.

UK consumers with concerns about having adequate provisions for themselves and their loved ones when they stop working can look to experts in retirement planning in Chester, Birmingham and other cities. Wealth managers assess their clients present finances, and with an understanding of their needs and goals for retirement, help them plot a course to achieve their financial ambitions.

Out of those surveyed, the vast majority of 60-somethings approaching retirement assessed that their income in retirement would need to be about 62 per cent of their current earnings. Regardless of their lack of preparedness, an obvious issue for those nearing retirement was over confidence. About 57 per cent had never taken professional advice on pensions, and 66 per cent claimed they were great at handling money.

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