According to recent research undertaken by Close Brothers Group in which 5,000 employees were surveyed, it was found that 24% of the employees surveyed had never reviewed their pension and 7% said they had lost touch with their pension.
Meanwhile, just under a quarter said they expect to work in retirement, and just over a fifth are relying on downsizing their home or equity release to generate their required retirement income. A total of 16% of employees expect to rely on an inheritance to fund retirement income which may not be received for many years as we are all living longer.
Clearly, provisions are required to provide a comfortable retirement and ensure you are not required to continue working past your preferred retirement age in later life and/or relying solely on the State Pension or an inheritance.
With existing pensions, it is important to review them on a regular basis to ensure your hard-earned money is working equally as hard for you. If your investments are held in poorly performing funds, this can have a huge impact on your retirement goals.
How can we help?
It is never too late or too early to start contributing towards retirement, of course the earlier you start the more you will have in retirement. However, if you do start saving later you can still achieve your goals. Ongoing reviews will also ensure your funds are invested appropriately for you and working hard.
Please do contact the office to arrange a meeting or telephone appointment with one of our highly qualified advisers who will be more than happy to discuss your retirement options, retirement goals or address any queries you may have. The initial meeting is offered at our cost.