Retirement 2016:

The trends and highlights

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.
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