What is the reality of retirement in 2016?
56% of people are saving adequately for retirement (10% more than 2012).
12% is the minimum % of income which people consider adequate to set aside in preparation for retirement.
24% of people rely mainly on defined benefit pensions.
24% of self-employed people are not saving at all (57% of self-employed are not saving enough).
Perception and reality with retirement planning
30% of 18-29 year olds expect an inheritance to help support their retirement lifestyle while 36% think that income from property will bolster their retirement income.
29 is the age, on average, that people think you can start to save for retirement.
47% of those in their 30s and 40s are saving inadequately or not at all.
2016 is the first year in which those in their 30s are preparing as well in retirement as those in their 40s (53%).
19% of people in their 40s are not saving.
48% say planning their retirement is the greatest pressure of all.
Bridging the gap
53% of people don’t understand what ‘pension freedoms’ are.
23% admit they have no idea how to meet their retirement income needs.
40% think cash savings will help deliver their retirement income aims.
17% think professional advice would help them achieve their desired retirement income aims.
For access to advice from a Private Banking and Advice Manager, you’ll need at least £250,000 in savings, investments and/or personal pensions and/or a sole annual income of at least £250,000.
Find out more about eligibility and fees
Get in touch with one of our Private Banking and Advice Managers.
No charges for the initial meeting to discuss your individual circumstances and objectives.
No obligation to take any of our services or products.
Before any services or products are provided to you we will explain what advice we can give and what products and services this covers, and any advice or product charges that apply and agree these with you.
You can call us to arrange an appointment or ask a question.
Lines are open Monday to Friday from 09:00 to 17:00 (Tuesday and Thursday until 19:00) and Saturday from 09:00 to 13:00. Excluding Bank Holidays. Call cost may vary depending on your service provider.
IMPORTANT LEGAL INFORMATION:
Lloyds Bank Private Banking Limited. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2019697. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 122626.
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.
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