Why having a target in mind clearly makes a difference to fund this stage of your life
A report has highlighted the positive impact planning and professional financial advice can have on income levels in our retirement.The first Retirement Income Uncovered report from Old Mutual Wealth found that retirees who hadn’t set themselves an income target to aim for in retirement had an average income of £17,500 per year. However, those who saw a financial adviser at least once have an average income in retirement of £20,800.
In addition, receiving regular professional financial advice from an adviser doubles the likelihood that a person will have a target, and those who had a target and saw an adviser have an average income of £26,000 a year, a 49% increase compared to those who did neither.
The report looked into the level and source of retirement income for people already retired from full-time work, plus those over 50 approaching this crucial part of their financial lives.This provided a concise picture of current and changing sources of retirement income, changing attitudes to work in retirement, and also levels of satisfaction and understanding of the different sources of retirement income.
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circumstances and may be subject to change in the future. Although endeavours have been made to provide accurate and timely information, Lloyd & Co cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation.We cannot accept responsibility for any loss as a result of acts or omissions.