While some are keen to secure a retirement plan in place at a relatively early age, many Leeds and Yorkshire-based workers go into their senior years largely unprepared for what is to come.
The financial adviser team here at Heritage Wealth Solutions was further made aware of this recently after reading the Income Reality Survey Report for 2015.
Collated by M&G, one of the UK’s largest and longest established investment houses, this research uncovered some rather worrying statistics, particularly surrounding the disparity between retirement expectations and reality.
Today we are outlining five of their key findings:
1) Lack of a plan
At 31%, almost one third of respondents said that they had not made a financial plan for retirement.
2) Out of reach
Over one fifth, on the other hand, expect to retire after the age of 70, or not at all.
Despite the vast majority reporting that generating retirement income was one of their main financial priorities, nearly half were unsure whether they had made adequate provisions.
A large amount of over 55s commented that they did not know how to achieve their monetary goals.
5) Hazy on details
Though 64% had heard of the new pensions freedoms, only 8% fully understood what it actually meant for them.
Having helped a number of Leeds residents with their retirement plans over the years, we appreciate that everyone’s looks different – it is not feasible to choose a standard strategy and expect it to work in all cases.
As a result of this, our financial advisers operate closely with their clients to ensure that all individual aims are both met and surpassed.
If you are based in the Yorkshire area and want any more information on how we can help, please do feel free to get in touch with a member of the Heritage Wealth Solutions team today by either calling 0113 350 2080 or emailing firstname.lastname@example.org.