Retirement Income Less Than An Hours Planning

Would You Plan Your Retirement Income In Less Than An Hour ? 

less than an hour

New research, by Legal & General (a big UK insurance company) , shows that over one in ten (12%) of the nation’s retirees spent less than an hour researching, choosing and arranging one of life’s most important decisions – their retirement income.

 

Total time spent planning and arranging retirement income:

 

Time % of all respondents
Less than an hour 12%
1 week or less 33%
1 month or less 43%
3 months or less 49%
A year or over 16%

 

Yet, when it comes to their plans for their life after work, the nation’s retirees take their time to plan and research.  When asked to choose from a list of retirement dreams, nearly three quarters, (71%) said they planned at least one of these for their life after work, with nearly a quarter, (22%) of this group admitting they have spent a year or more planning their big retirement dreams.

Topping the ‘retirement dreams’ table for retirees aged over 55 is travelling or a big holiday, with nearly half, (49%) planning on making a big trip in retirement. This was followed up in second place by ‘taking up a new hobby’, (18%),’renovating their house’, (17%) in third and moving house, (13%) in fourth

Thankfully the majority of people spent a month or more exploring their options ,,,,,, but it still makes me think about the 12% who spend less than an hour on the subject

Maybe they have only minimal pension savings so can’t be bothered – but then I’d spend more than an hour worrying about it

Maybe they belong to the category of people who make savings but do nothing to check that they are an appropriate amount, or are invested in appropriate funds

Maybe a significant proportion of the UKs population are off their heads on drugs and alcohol

As you’re reading a financial blog I’d assume that you spend time considering your future pension income ……… how much time ……. let me know below

Comments

  1. My retirement plan – manifested in a Excel Workbook, comprised of seven worksheets – was built over approximately three years is largely on auto-pilot. Therefore, while I update it periodically, I do not make changes on a daily, weekly or even monthly basis. However, I spend at least a little time every day managing my finances (e.g. balancing my checkbook, researching investments, researching the business environment, reviewing current investments, etc.). If I had to place a number on the time spent on financial/retirement portfolio maintenance, I would say 1.5 hours daily…and that doesn’t count the time spent on managing my PF blog or the social media associated with it.

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