Prep your pension with confidence

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