Our latest research shows that many people are overly optimistic about how much retirement income they’ll get. We asked 1,425 people between the ages of 30 and 65 about their plans for retirement.
We found that, on average, people want to retire on £15,000 to £20,000 a year. To do this, they would need a pension pot of around £425,000 to £566,000.*
However, our research also showed that:
- 40% of people don’t have any pension provisions at all
- of those who do, 73% don’t know the current value of their pension plans
- only 1% of people who knew the value of their pension said it was worth £300,000 or more
- 61% of 41 to 50-year-olds thought their pensions were currently worth £50,000 or less
*Figures are for illustration only. We’ve assumed a male, retiring at 65, with a 1% annual management charge and 7% growth. Figures are quoted in today’s terms.
How can you help your clients bridge the gap between their aspirations for retirement and the actual pension they can expect? The links below show just some of the ways we can help.
Our new Investment and Retirement Planner
Is a free, independent, online tool that lets you look at all of your clients’ finances, creating a holistic plan covering budgeting, attitude to risk, short-term goals and longer-term aspirations.
We offer a range of client-facing online tools
That can help your clients plan for their retirement, from help with budgeting to working out how much they’ll need for a comfortable retirement.