Andy Zanelli, AXA Wealth’s head of retirement planning, comments on latest research about ageing in the UK:
“Yet again, official ONS data* points towards an ever ageing UK population. This growth brings with it challenges at both a personal and macro level, questioning the preparedness of individuals and society for meeting the needs of later life.
“With people living longer, the importance of money management and retirement planning must be highlighted and addressed by both government and industry. Recent research* from AXA Wealth shows that 58% of consumers admit to not having sought any professional financial advice before retiring, while 45% did not calculate the pension benefits they would receive in retirement.
“With 40% of consumers recognising that they will need more income in retirement in order to feel ‘comfortable’, it is vital that people plan ahead and seek professional advice early. This will allow them to better understand the options available to them and make informed decisions for the future.”
Ageing in the UK – Legal Aspects.
Stephen Pett of Legacy Protection Trusts says: “Aging is usually a slow process, and people don’t realise they are nearing an age where recovery from accidents, falls and strokes is much slower. Legal Planning should ideally be in apple pie order by the age of 60, but the average age of our Trust clients is 73. This means that a substantial proportion can no longer be certain of passing on their heard earned wealth to their children or grandchildren.”