Majority of adults prioritise certainty in retirement income, finds LV=
Flexibility was important for 31% and growth for 27%, but stability came out on top.
Research from LV= found consumer interest in annuities was growing, with 43% of UK adults saying certainty was the most important factor in planning retirement income.
This figure rose to over 50% for those aged 60 and over.
Flexibility was important for 31% and growth for 27%, but stability came out on top.
Only 10% of Baby Boomers (aged 61 to 70) had considered buying a lifetime annuity, and just 8% of Generation X (aged 45 to 60) had done the same.
For fixed term annuities, only 6% from both groups had considered them.
44% of UK adults had a positive view on using part of their pension to buy an annuity.
Among those who had received financial advice, this figure was 56%, compared to 26% for those who had not.
38% of adults said they had looked into their retirement income options, with lifetime annuities considered by 13% and fixed term annuities by 9%.
Related
63% of adults fear running out of money in retirement, LV= finds
Half of adults with health conditions face pension poverty, Scottish Widows finds
WEALTH at work launches Retirement Guidance Service to support trustees and employers
47% of homeowners wrong about income protection and redundancy, analysis finds
Millions face retirement income shortfall despite holding substantial housing wealth – Fairer Finance
Younger salespeople face stigma despite greater trust from young buyers, data finds
70% of low-to-mid income workers struggle to keep up with bills, research shows
Most employers fail to provide health and wellbeing support before overseas assignments, data finds
Noisy offices could cost employers over £40bn a year, analysis finds
One in eight young adults say pensions are “pointless” as retirement feels out of reach – People’s Pension
Graduate job delays can cost £35,000 in pension savings, analysis finds
