1 in 10 Forty Somethings Never Discuss Retirement

1 in 10 Forty Somethings Never Discuss Retirement.

Research by Prudential has found that 10% of couples in their forty's have not talked about or reviewed their retirement plans.

It appears that again only 1 in 10 have spoken with a financial adviser in the last 5 years and many couples still keep their finances separate.

More than a quarter of couples are guarded about sharing information on their finances with their partners and both expect a combined retirement income in the order of £30,000+ per year.

Comment

To buy an inflation protected pension annuity income today of £30,000 would cost today approximately £1,200,000.  Multiply this by thousands of public sector workers and you see the problem.

This is the staggering reality that many of us have yet to face.  We need a huge pension pot to be comfortable in retirement.

Salary related pension schemes are simply too expensive for employers and are being closed almost daily.  Most private sector firms have already closed theirs and in the public sector, whilst Teachers, Firefighters et al are taking industrial action to try and protect their benefits, the reality is that these schemes are unaffordable  and will change for the worse.

The message is clear, if you do not review your finances on a regular basis, you face poverty in retirement.  Sorry, there is no way to “sugar coat” this message.

We offer a free initial consultation to all clients and we suggest you contact us to at least get an independent view of your position so that you can plan.