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Retirement planning has changed dramatically and people have more freedom and choice.

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LV= State of Retirement report 2016

Wednesday, July 6, 2016

Now in its ninth year, the annual State of Retirement report tracks the financial circumstances of those in and approaching retirement, and the concerns and pressures they face.

The first chapter of the State of Retirement report looked at a range of different retirees, including Property Pensioners, who rely on some value from their property when they retire, primarily through downsizing, relocating or Equity Release. The second chapter also covers Grey Collar Workers status after the typical retirement age, with 87% of over 65’s happy to be in employment, and 2 in 5 (40%) working out of choice.

The final segment of the full report looks at those who are least prepared for retirement and are financially relying on friends and family to some degree. The report revealed that those within 10 years of retirement are almost three times as likely to be in this situation.

The pension freedoms in recent years have increased choice which has made it even more important that people are able to access support with nearly 45% of people approaching retirement thinking the reforms are too difficult to understand without professional help.

infographic image of a man with text: 45% of people approaching retirement thinking the reforms are too difficult to understand
Infographic image of people with text: 6 in 10 pensioners took financial advice from non-professional sources

With this in mind, it’s also cost that creates a barrier for people getting advice but new and affordable solutions such as LV= Retirement Wizard can help to make regulated advice accessible.

Over the last two years, the number of those approaching or at retirement who felt financial advice was ‘worth the money’ has nearly doubled. This helps support the idea that those taking regulated advice see the value in this solution.

The decisions we make before and after retirement are among the most important in our lives, and with the increased choice it becomes crucial that people are able to access affordable, professional help

John Perks, Managing Director of Retirement Solutions at LV=

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The State of Retirement report also covered:

  • The increase in retirees who require advice or financial assistance from friends or family because they are not prepared for retirement and those who worry their savings and pension won’t last their full retirement.
  • State Pensioners and how even though their most common income is the state pension, they’re still likely to worry about not having enough money in their retirement years.
  • Individuals approaching or at retirement that are confused by the range of options available to them now since the pension freedoms.

To get an idea of the best retirement option (or options) for you, ask the LV= Retirement Wizard. From this retirement hub, you can try out LV=’s retirement advice service, use the retirement income calculator or find out more about your retirement options and what they mean.

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