Page 44 - Phonebox Magazine November 2015

New research from Old Mutual Wealth has provided a fascinating insight into the reality of retirement for people in the UK. The survey was undertaken by YouGov during May 2015.
When asked why they retired when they did, 19% of people said they did so purely because it was the state retirement age. It was not necessarily because they had the financial freedom to do so or because they had to. Currently, 11% of those retired work part time to supplement their income but this compares to 26% of those yet to retire who are expecting to do so.
There have recently been significant changes to pension rules designed to provide greater choice and flexibility at retirement. Encouragingly, 89% were aware of this but, unfortunately, 43% were unaware of the impact these changes will have on them and 36% have no understanding of the concept of income drawdown.
Despite this, just 1% had spoken to the Government’s Pension Wise service.
The average retirement income in the UK is £19,700 but, for those who have never sought financial advice, this falls to £18,100. Interestingly, for those who received regular financial advice, the figure was £24,794.
If you would like to discuss or review your own level of savings for retirement then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
brings you
Finance Matters
The Reality of Retirement
DID YOU KNOW?
...changes allowing greater access
to pension funds from April 2015 are
expected to result in an increased tax
revenue of £320m in 2015/16, rising to
£1,220m in 2018/19*.
The changes coming in will see greater freedom for individuals, BUT this could result in a hefty tax bill for those that act without understanding the full consequences.
* HMRC Finance Bill 2014
For the power to do more... speak to the experts!
Speak to Advison now on 01908 239555.
www.advison.co.uk
Tax advice is not regulated by the Financial Conduct Authority.
Advison Ltd is an appointed representative of In Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Registered (England) No. 5009271
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