-- A quarter of Britons to rely on Inheritance to fund retirement --


Double your pension income
Double your pension income

17,500 per annum in retirement to be comfortable
17,500 per annum in retirement to be comfortable

Employers put off advice for being sued
Employers put off advice for being sued

Retirees dont realise they will still pay tax under new Pension Freedom rules
Retirees dont realise they will still pay tax under new Pension Freedom rules

 

Almost a quarter of Britons are relying on an inheritance to fund their retirement, new research has revealed.

The figures show the true extent of how badly prepared a significant proportion of the population is for their retirement. The study by Standard Life found 24 per cent of people will use the windfall to provide them with an income in retirement while 23 per cent of women plan on using their partner's income.

The same percentage also plans to sell a property or use a rental income. There is some overlap in the choices, with Britons using more than one source to provide income in their retirement.

Relying on the state pension is one of the options for 76 per cent of Britons while 43 per cent will use investments outside of their pension.  A total of 7 per cent of over 55s do not plan to retire even though they had been saving into a pension. It comes after the Government announced it intends to overhaul Britain's state pension, suggesting a new flat rate weekly state pension of £140.

John Lawson, head of pensions policy at Standard Life said: "Nearly half a million people in the UK over 55 are not planning to retire. This shows our attitudes towards retirement are changing, as people consider the implications of working and living longer than ever before. We know that many people want to continue working on their own terms, while some will want to start a new business or learn a new skill."

"Unfortunately, some may not have got their financial planning quite right. The realization of reaching 65 and having to fund another 30 years in retirement has made them rethink their future plans."Relying on certain sources of income, for example an inheritance, could leave you short changed."

Its never too late to start your personal pension - speak to us here at Credencis

 

For bespoke pension advice contact Credencis.

We are situated near to Derby, Leicester, and Nottingham, and visit clients nationwide.

Credencis

"Live for today, Invest for tomorrow"

Views expressed by our author, are the personal views of the author alone, and are not intended in anyway to be construed as advice.They should only be used as guidance and are not necessarily suited to the personal circumstances of every individual in the UK.If you are interested in seeking advice further then please contact Credencis direct.