Millions of over-55s are failing to include their family in important decisions about their retirement income with potentially devastating consequences.
Aviva report
The Spring 2014 edition of Aviva’s Real Retirement Report explores the views of these 3 groups:
- Pre-retiree (aged 55-64 years).
- Retiring (aged 65-74 years).
- Long-term retired (aged over-75 years).
They investigate the way in which people consider their family in their retirement plans and their decision-making.
Findings
Having a conversation with family about retirement is essential. However the report reveals that this doesn’t happen as often as it should.
- 28% have not had a conversation with either their spouse or their family about their retirement finances.
- 51% of these said it was because it was a personal matter.
- 25% of these said it was because they do not have a full view of their finances.
- 37% say leaving some inheritance is important to them.
- But only 59% of over 55s have a will in place, rising to 76% in the over-75s.
- Worryingly only 22% have chosen options that provide some income to their spouse on their death.
Our view
There is a stark difference between what people want to do and what they put into practice.
The reality is that failing to address the needs of the family could mean they may lose out.
After years of saving for their retirement not discussion matters at the end is irrational and neglectful.
Retirement planning will help maximise income from savings and investments. And to protect your spouse and family.
We specialise in pension, investment and retirement planning.
We have 20 years’ experience in helping people like you make the most of your money.
Why not drop us a line advice@www.townclosefp.co.uk or give us a ring 020 7993 4898.
Our initial consultation is both fee and obligation free.
Sources: http://www.aviva.co.uk/media-centre/story/17306/over-55s-shortcomings-in-retirement-planning-leave/