Latest research from WEALTH at work has found that more than a quarter (27%) of people approaching retirement admit that they need help to understand what their income options are. It also found:
- 23% have no idea of how much tax they will need to pay on their pension
- 15% have no idea how much they can take from their retirement savings without them running out
- 17% don’t know what income drawdown is
Understanding the intricacies of retirement can be a daunting prospect for many. As part of an overall wellbeing strategy, many companies are seeing the benefit of sourcing specialist retirement providers to deliver financial education, guidance and regulated financial advice to help with this.
To find out how we can help you support your employees prepare for retirement, please contact us.
The research of 1,320 UK adults aged 50+ in employment was carried out by Vital Research between 20th May and 4th June 2021.