Blog Article

Prep your pension with confidence

Prep your pension with confidence

Date: 27 May 2022 | By: cosgrove

Focusing on financial planning for your retirement can be difficult but we can show you how to prep your pension with confidence? If so, you’re in good company – 47% of working age people are a bit lost when it comes to getting their retirement planning on track2

Just over a quarter (28%) feel secure in their understanding of how to manage their pension in the approach to retirement, while only
27% have an idea of what a ‘good’ amount of pension savings is for someone of their age.

Rearing its ugly head again is the gender pension gap. Women are almost twice as likely (21%) to say they feel completely ‘on the back foot’
than men (12%). In addition, women are more than twice as likely to lack understanding of how to manage their pension in the approach to
retirement (34% of women vs 14% of men).

Approach retirement with confidence
Mary Harper, a Managing Director at Aviva commented, “It’s very easy to put thoughts about later life to the back of your mind but investing time in thinking and planning ahead can make a world of difference to your options… evidence suggests that people who access financial advice are, on average, tens of thousands of pounds better off in the long-term.”

According to a recent survey by the Pensions and Lifetime Savings Association (PLSA 2021)*

  • 51% of people focus on their current needs and wants at the expense of providing for the future;
  • Only 23% of people are confident they know how much they need to save to be comfortable in retirement.

Most people during their career accumulate a number of different pension plans. Yet maintaining separate plans is often complicated – and may lead to lost investment opportunities, exposure to undue risk and higher costs.

We can help you avoid these problems with specialist retirement income & pension planning advice. . For instance, by completing a full analysis of your retirement needs and pension values. We can provide advice so you can prep your pension with confidence and approach your retirement with laser focus.2

Aviva, 2021