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Planning Retirement Online

Major retirement survey undertaken by LaterLife Part 1

April 2017

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Retirement is a major aspect of our lives now and while we do all that studying and training in preparation for our working life, the concept of preparing for years of retirement has been very slow to be accepted.

Laterlife has recently completed a major survey on retirement which is attracting wide interest everywhere…did you hear Laterlife’s David Sinclair talking about it on the radio earlier this week?

The LaterLife survey was run in conjunction with this week’s National Retirement Planning Week, an American based concept that is slowly spreading to the UK as more and more people realize just how vital it is these days to make serious plans for retirement.

But it is the findings in the Laterlife survey that is attracting the most attention. The survey, run with the help of OnePoll, talked to hundreds of employed adults across the UK aged 55 plus to find out about their retirement plans.

And the results show that despite many of us looking forward to years and decades of healthy activity, few have made serious plans about the future. Hope seems to play a part, assuming that if you have a good job long-term things will turn out ok as well!  But current facts show clearly this is not necessarily the case at all.

Below we publish the key findings from the survey but next week we will give more details, including effects of retirement on relationships, preparation and even talk about the areas where people are least prepared for their later years in life.

KEY RESULTS FROM THE NEW LATERLIFE RETIREMENT SURVEY

  • 2 in 5 over 55s admit they do not know when they will retire. Only 20% have a fixed date in mind and a further 20% admit they will retire when no longer capable of working
  • 1 in 5 over 55s have not discussed their retirement plans with their partner
  • 45% of over 55s admit they have not saved enough money for retirement 
  • 20% of over 55s admit that they do not know how to access their pension savings 
  • Almost 40% of over 55s do not know how much money they will need for retirement 
  • Around a third of over 55s admit they would benefit from some professional support to help plan for their future when it comes to the likely changes to lifestyle and in their finances that retirement will bring
  • Over a quarter of over 55s feel that their employer doesn’t offers flexible retirement options
  • Almost a quarter are not comfortable discussing their retirement plans with their employer
  • A third of over 55s say that their employer doesn’t offer the support they need to help plan for retirement

 

If you have any feedback at all on plans for retirement, perhaps if you are retired now and wish you had been better prepared, if you are well organised and enjoying a terrific retirement, or if you are still working and have any comment at all, do please let us know.

Just email us at news@laterlife.com

 


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