If you are in the dark about how to prepare for retirement, then join the club. Nearly half (47%) of working age people are a bit lost when it comes to getting their retirement planning in the right place1.
The research also shows that just 28% feel secure in their understanding of how to manage their pension as they approach retirement, while fewer still (27%) have an idea of what a ‘good’ amount of pension savings is for someone of their age.
‘On the back foot’
The gender pension gap once again rears its ugly head in the research, with women almost twice as likely (21%) to say they feel completely ‘on the back foot’ than men (12%). Women are also more than twice as likely to lack understanding of how to manage their pension in the runup to retirement (34% of women vs 14% of men).
A confident approach to retirement
Managing Director at Aviva, Mary Harper, commented, “It’s very easy to put thoughts about later life to the back of your mind but investing time in thinking and planning ahead can make a world of difference to your options… evidence suggests that people who access financial advice are, on average, tens of thousands of pounds better off in the long-term.”
We can offer expert guidance and advice to help you manage your retirement planning with confidence.
The value of investments and income from them may go down. You may not get back the original amount invested. A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.