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Sun Life Financial of Canada’s Sense check at 60 report, written in conjunction with AIFA, is based on a major research study commissioned exclusively for this report and focused on the retirement needs of the mass affluent.
The report explores how well prepared this group of people are for retirement and how much planning they’ve put into their retirement.
It examines the nature of risk in retirement and defines the key risks people face managing their pension savings.
What’s more, it identifies successful strategies to navigate these risks.
Finally, it considers how different product solutions can mitigate or eliminate risk altogether.
Here are some of the key findings from the report:
It examines the nature of risk in retirement and defines the key risks people face managing their pension savings.
What’s more, it identifies successful strategies to navigate these risks.
Finally, it considers how different product solutions can mitigate or eliminate risk altogether.
Here are some of the key findings from the report:
- Almost half (49%) expect to generate between £20,000 – £40,000 from their pension and other savings (21% expect an income of over £50,000)
- Yet 59% of respondents have less than £300K and 33% less than £200K saved. So their expectations of likely income from their pension savings are unrealistic
- Around 4 in 10 people in our survey expect to work after retirement (another 19% are undecided)
- Three quarters of our survey believe retirement planning is more complex these days and 65% agreed that financial services companies need to help remove the fear around it
- Almost 70% had seen an adviser in the last two years – but of those who hadn’t nearly 1 in 5 cited a lack of trust as the reason
To find out more and download a copy of the report visit Sun Life Financial of Canada.