Professionals have concerns over retirement [Western Mail (Wales)]
(Western Mail (Wales) Via Acquire Media NewsEdge) RESEARCH from specialist financial services provider Wesleyan reveals that most professionals are worried that they will not be able to adequately fund their retirement. The research focused on Wesleyan's core customer groups of doctors, lawyers, dentists and teachers.
The average respondent thought they would need Pounds 39,350 a year to live on in retirement, compared to the average pension income of Pounds 14,376.
Only 27% were relying just on a pension for retirement income, with more than half having plans to use their property for additional support.
The survey also showed that more than two thirds (67%) didn't know how much income their pension arrangements would generate and a similar number (61%) were worried they wouldn't have enough to live comfortably in retirement.
Only 27% said they were planning to retire early, down from 34% in 2011 and more than a quarter (26%) felt they would have to work past their retirement age.
Some 46% reviewed their retirement planning less than once a year and of those more than half either couldn't remember the last time they reviewed their plans, or hadn't done so since joining their pension scheme.
Samantha Porter, Wesleyan's Group Sales and Marketing Director, said: "People often have a blind spot when it comes to planning for their retirement income. They also often over estimate how much they will need once they stop working."
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