Would You Plan Your Retirement Income In 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