The decision an individual makes at retirement is increasingly turning into the biggest financial decision of their lives due to the complexity of choices and the fact that retirement income may need to last them 30 years+. Jonathan Watts-Lay, Director, WEALTH at work comments.
The decision an individual makes at retirement is increasingly turning into the biggest
financial decision of their lives due to the complexity of choices and the fact that retirement
income may need to last them 30 years+. Whether unsecured pension or
annuity or both, it is now more important than ever that an individual possesses
the right knowledge to make the right decisions.
Increasingly employers are using specialist
workplace financial education providers (not the providers of the pension) to help
employees plan to build up retirement savings and also to help them make the right financial
decisions at retirement. This is often supported by
advice. A survey by
WEALTH at work showed this growing trend. For example, 84% of those companies
surveyed, provide
financial education and/ or advice as a degree of support at retirement with 34%
providing this support five years or more from their anticipated retirement date. 80% of companies
surveyed agreed they need to take action to ensure employees are aware of the need to save which
increases to 100% of the FTSE 100.
Making the right investment choices when saving can have a huge impact on a pension pot but
of equal importance is the type of retirement income they choose to buy. Therefore a combination of
Financial education, guidance and support is needed for an individual to make an
informed decision.
Readers may find our survey results interesting. Please see our
survey
results.
To learn more about our retirement income service, please visit our
site.
Read the article on the Citywire website.
