Just over a half of Britons are confident their retirement income will provide the standard of living they hoped for, according to the latest Government research.
The Office for National Statistics said 54 per cent were “fairly” or “very confident” they would have a comfortable retirement.
Early indicator estimates from the Wealth and Assets Survey showed an encouraging increase in confidence, up from 41 per cent between July 2012 to June 2014 and 51 per cent in the period from July 2014 to June 2016.
But latest figures also revealed that 33 per cent of men aged under 65 and women under 60 were “not very confident” that they would have enough money to fund the retirement they hoped for and 12 per cent were “not confident at all”.
Earlier this year we carried out our own retirement research. The report, Pensions and Small Business – Ticking Time Bomb or Hidden Treasure? showed that a significant proportion of business owners feared they would outlive their retirement funds.
The study, by the Forum of Private Business and Clifton Asset Management, discovered that 45 per cent of Forum members feared they would outlive the money they had accumulated to retire on.
That was despite four in five business owners having pension savings and half (Forum members) having invested in their pension for more than 25 years.
As a result, 48 per cent of Forum members had come to view their business as their pension.
Clifton and the Forum also commissioned YouGov to survey SME decision makers via its Business Omnibus, with 33 per cent of them fearing they would outlive their retirement funds and 29 per cent viewing their business as their pension.
The latest research highlights the need for careful planning and advice to help improve financial circumstances in later life.
Group Financial Planning & Business Development Director Anthony Carty said: “The relatively recent changes to pension legislation regarding contribution limits, lifetime allowances and how you can access your pension benefits makes retirement income planning more daunting than ever.
“It’s difficult how this maze can be navigated without specialist advice – there are simply too many traps to fall into.”
Emma Hall BSc (Hons) FPFS,
Chartered Financial Planner, Clifton Wealth Limited
Contact Emma on 01275 379256 or email firstname.lastname@example.org
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