Furnish people with the facts, and a more enlightened population will emerge.……..
Information put out in the public domain can often seem like a spider’s web, with bits of it finding and connecting with one other. The challenge is to find the correct pattern and make sense of it all.
A recent pension survey by the Dutch insurer Aegon reported that a growing number of workers have accepted that their retirement is less likely to be more of an “abrupt transition” than a “phased” process.
9,000 workers across Europe and the US were canvassed on their personal expectations for their retirement planning. The survey found that more than 60% of respondents anticipate needing part-time jobs after retiring. Only 18% claimed that they planned to stop working immediately upon reaching retirement age. The survey revealed that:
- 41% of respondents were members of a company final salary pension scheme;
- 34% of the pension survey respondents were participants in a ‘money purchase’ scheme with employers making contributions towards their retirement;
- 54% believed that their employers or pension funds were more likely to cut back on workplace pension benefits;
- Of those surveyed, 73% agreed that they would have to actively plan for their retirement;
- The research found that 45% of workers believed that they needed more financial advice to make sense of uncertain investment markets;
- 83% of those surveyed felt that they would need an income of 60% or more of what they currently earn upon retirement;
- Just 36% of respondents believed that they were on course to achieve three quarters or more of their required retirement income.
Putting the pieces together, it all comes down to one thing….a need to increase provision for pension planning!
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