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76% of people have no idea of their retirement income

17 February 2020

New research has revealed that three out of four (76%) of over-55s couples do not have an approximate figure in mind when it comes to how much they will receive in retirement income.

The survey, a nationwide study by Openwork amongst over 1,000 adults, also revealed 64% of over-55s couples have not sought advice on their retirement plans, while a quarter (25%) have not discussed how much their partner has in pension savings.

Despite three fifths (61%) of over-55s couples discussing financial planning for retirement in the last year, the financial advice network warned that a failure to seek advice could have a huge impact on pensioners, in particular as a lack of knowledge around retirement income indicates they have no idea of how much they need to save.

The lack of communication also extends to other family members. According to Openwork, three quarters of adults (73%) have never broached the subject of financial planning with their children, parents and other relatives.

Mike Morrow, wealth & platform director, Openwork, said: “Much more needs to be done by the financial advice profession, regulators and the Government to ensure that families are taking a more proactive and positive approach to financial planning as well as ensuring that couples in particular discuss their retirement plans together and with a qualified financial adviser.

“For couples, seeing an adviser can help them better understand their own position, with financial advisers skilled in ensuring they are on the same page when it comes to their current financial situation and priorities around long-term financial planning.”

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