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Are your clients planning for an even longer retirement?

How robust is your retirement planning?

It is Time to Talk - Retirement Plans

It's predicted that by 2034 a quarter of the UK population will be 65 or over,* with life expectancy expected to reach around 90, in some parts of the UK.** Add Pension Freedom to the mix, there is a lot for your clients to consider when making plans for their retirement.

Not long ago, Flexi-access Drawdown used to be restricted to those with large pension pots. However, since Pension Freedoms we have seen Flexi-access Drawdown become increasingly popular with retirees and drive an even greater need for financial advice. Against this backdrop our Class of 2017 research looks at the thoughts and attitudes of those people planning for their retirement.

*Source:National Population Projections:2014 - based Statistical Bulletin **Source:NHS news/Office for National Statistics - April 2015

How much income
will
your client need?

City-dwellers estimate
that they will
need
an average

£21,000 a year

to live comfortably
in retirement

How long will your
clients live for?

22
years

Time that Londoners will spend in retirement

 
18
years

Time that Glaswegians will spend in retirement

Retirement information
UK’s major cities

36%
Percentage who think they
will have sufficient income
to retire comfortably

Percentage who think
they will have
sufficient income to
retire comfortably

More Info

20.5
years

Average length of
retirement*

£21,120

Annual income
residents think
they will
need in retirement*

% who have taken
professional retirement
planning advice
20%

% who have taken
professional retirement
planning advice

More Info

Now more than ever clients need professional advice to help them achieve a smooth retirement.


Retirement is a journey not an event

We asked Billy Burrows, a retirement solutions expert, to give us his thoughts on the challenges that lie ahead for advisers and how he thinks they could be tackled.

Read Billy's Guide Here
Billy Burrows

*Based on average estimated retirement age, averaged annual income and average life expectancy at age 65 for each city.

Infographic Sources:

1. Research conducted by Opinium on behalf of Prudential among 2,237 UK adults, including at least 50 from each of the UK's 17 biggest cities, between 12 and 22 August 2016.
2. Research Plus conducted an independent online survey for Prudential between 8 and 22 November 2016, among 10,605 non-retired UK adults aged 45+, including 1,000 planning to retire in 2016.
3. ONS data: Life expectancy at birth and at age 65 by local areas – released 4 November 2015:
http://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/datasets/lifeexpectancyatbirthandatage65bylocalareasinenglandandwalesreferencetable1
http://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/datasets/lifeexpectancyatbirthandatage65bylocalareasintheunitedkingdomtable2ukandlocalareasinscotland
https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/
4. Prudential's Tale of the Cities retirement research, August 2016 and ONS data: Life expectancy at birth and at age 65 by local areas, released 4 November 2015.



For more information speak to your Account Manager today.

 

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