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Professionals plan to use property wealth to retire

Robyn Hall

May 12, 2014

Just 27% professionals, comprising of doctors, dentists, teachers and lawyers, said they were relying solely on their pension for retirement support.

Over two-thirds (67%) don’t know how much income they will have after retirement, while more than three in five (61%) are worried they will not have enough to live on comfortably.

However they overestimate how much is needed, as felt that £39,350 a year is required for retirement despite the average pension income being £14,376.

Samantha Porter, Wesleyan’s Group sales and marketing director, said: “People often have a blind spot when it comes to planning for their retirement income. They also often over estimate how much they will need once they stop working.

“The key thing is to have a goal and then work out how to achieve it. Pension planning should be part of a regular financial review as changes such as the fall in pension tax allowances and the initiatives announced in the Budget recently could all have an impact.

“We’d recommend that everyone gets into the habit of reviewing their finances at least once a year.”

Just under half of respondents (46%) review their retirement planning less than once a year.


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