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Dominic Browning, Managing Director
Posted by Dominic Browning
25/11/24
News, Resources, Insight and Opinion from Browning Financial Planning

Retirement facts and figures

Dominic Browning, Managing Director
Posted by Dominic Browning
25/11/24

According to Invesco’s UK retirement study, 64% of advisers said people who seek advice during accumulation have a better understanding of pension options than those who only take advice at retirement.

79% of advisers said that their clients' top fear is running out of money in retirement.

32% of retirees do NOT spend enough of their pension due to the fear of running out of money. A further 35% worry about health costs and 28% worry about being able to leave an Inheritance.

Advisers stated there are 3 main misconceptions among their clients about retirement: How much they need to save (51%), under-estimating their life expectancy (47%) and miscalculating their likely retirement spending (46%).

The conclusion was that these misconceptions were largely due to not being engaged in the accumulation phase.

So in summary, young and mid-life clients should start taking more of an interest in their pension savings. We are here to show you what you need to do throughout your working life, to reduce the risk of running out of money in retirement.

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