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More than a third 'uncertain' about retirement plans
34.6% of Brits admit to being uncertain about their retirement plans
34.5% of Brits say they are “in control and organised” when it comes to retirement planning
11.2% of people are open to exploring retirement options.
Searches for “recession” have increased by 748% in the last six months proving that Brits are questioning what sort of impact it might have on their financial situation and how that will affect them in the long-term. Over 10.3 million people are discussing the cost of living crisis online and many of those are wondering how they will adjust their retirement plans and questioning the stability of the pound. So, how do Brits feel about their retirement plans?
According to new research from private and commercial bank Arbuthnot Latham (see notes below for more info), 34.6% of respondents are uncertain about their retirement, providing answers spread over several profiles – some showing mixed attitudes towards their life after work in terms of readiness and preparedness.
When asked “Are you ready for retirement?”, respondents answered questions about their attitudes towards retirement based on how they plan to spend their time, where they will live, and how they will fund their retirement. Answers pointed to four different attitudes towards retirement. These varied depending on the sort of retirement respondents were looking for and how closely they felt they could achieve this.
Arbuthnot Latham found that 34.5% of respondents felt ‘in control and organised’, which means they have made some future life and financial plans and have a good idea of how they will spend their time once they stop working.
Of the 642 people who responded, 15.5% expressed a ‘cautiously optimistic’ attitude. These people are less certain about what the future holds and might benefit from spending some time considering their future wants and needs, and developing a plan to help them enjoy their retirement when it comes.
Those who identify as ‘adventurous and optimistic’ are planning to live life to the full, enjoying every minute of their retirement, filling their days with new experiences. Those ‘open to options’ may be further away from retirement and have not yet given their retirement too much thought. Whether seeking adventure or just beginning to consider the future, the earlier you plan the more options you will have when the time comes.
Paul Clifton, Wealth Planning Director at Arbuthnot Latham said “While it is great to see that many people are feeling in control of their retirement plans, with the current economic landscape, it is unsurprising to see an almost equal number uncertain of their plans. Feeling in control and being in control can be different things, especially as events unfold. We would advise anyone to review their retirement and general financial plans on a regular basis to help ensure they remain fit for the future.”
Arbuthnot Latham surveyed 642 volunteer respondents between 28 January and 4 October 2022.
The five attitudes to retirement:
It sounds as though you will be ready for retirement when it comes. You have made some plans and have a good idea of how you will spend your time – and who you will spend it with. To make sure you can make the most of your time in retirement, speak to one of our wealth planners to ensure you are making the most of your finances.
Wow. You are really planning to make the most of your retirement. It sounds like you will be busier in retirement than you are now. To ensure you can enjoy every minute, careful planning, and having a timeline for your decisions now will help you live the life you want tomorrow - and make sure you can afford to do everything too! Find out how our wealth planning team can help you.
You might be worried about losing a sense of who you are as you retire, but remember you are more than your job title. Spending some time now to think about the things you want to achieve before and after you retire could help you visualise your future and the things that are most important to you. Your retirement will hopefully last a long time. Make sure you fill it with the things you love. If you would like to discuss your retirement strategy and understand your options, including how to maximise your retirement income, speak to one of our wealth planners.
You may not have considered retirement yet, it might still be a way off. However, the earlier you plan, the more choices you will have when the time comes to consider this in more detail. Why not discuss your future with your loved ones to see if you are aligned in terms of plans for life beyond work? You might just surprise yourselves. If you would like to see what your financial future might hold, our cashflow modelling tool lets you build different scenarios to visualise what options you might have.
You carve your own path. Maybe you have some plans in place but want the flexibility to change these over time. Taking control of your financial future now, may give you the freedom to explore different options in the future. Our experienced wealth planners can help you look at the various options and help you visualise what your future could hold.
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