PENSIONS – RESEARCH & SURVEY DATA
Synopsis: Four Surveys by Wesleyan look at retirement aspiration of four sets of professionals.
Wesleyan Assurance has recently released the results of four surveys it has undertaken into the concerns expressed by four sets of professionals; dentists, doctors lawyers and teachers which can be found here:
Dentists in the dark on retirement income needs
Doctors in the dark on retirement income needs
Lawyers in the dark on retirement income needs
Teachers in the dark on retirement income needs
It is worth noting that although the press releases were only issued on 7 October, the research upon which they are based was undertaken in February 2014.
We will briefly summarise the main points of each of the surveys below:
Dentists in the dark on retirement income needs
More than half of dentists are worried they will not be able to adequately fund their retirement, according to new research from Wesleyan, the specialist financial services provider for dentists.*
52% fear they will not have enough to live comfortably in retirement. On average, they thought they would need £48,150 a year to live on. However, two thirds (67%) of dentists did not know how much income their pension arrangements would generate.
Just over a third (35%) of dentists said they were planning to retire early, down from 43% in 2011**, and a quarter (25%) felt they would have to work past their retirement age. Only a fifth (21%) were relying just on a pension for retirement income, with almost a quarter (24%) planning to use the equity in their property for additional financial support.
The research also found 44% reviewed their retirement planning less than once a year and half of these (50%) either could not remember the last time they reviewed their plans, or had not done so since joining their pension scheme.
Doctors in the dark on retirement income needs
Doctors in the dark on retirement income needs
More than half doctors are worried they will not be able to adequately fund their retirement, according to new research from Wesleyan, the specialist financial services provider for doctors.*
56% fear they will not have enough to live comfortably in retirement. On average, doctors thought they would need £48,243 a year to live on. However, 55% did not know how much income their pension arrangements would generate.
More than a quarter (29%) of doctors said they were planning to retire early, down from 33% in 2011** and almost one in five (19%) felt they would have to work past their retirement age. Only 24% were relying just on a pension for retirement income, while two thirds (66%) are planning to pay down their mortgage early to either make additional savings or allow for equity release.
The survey also found that 53% of doctors reviewed their retirement planning less than once a year and of these, half (50%) either could not remember the last time they reviewed their plans, or had not done so since joining their pension scheme.
Lawyers in the dark on retirement income needs
70% of lawyers are worried they will not be able to adequately fund their retirement, according to new research from Wesleyan, the specialist financial services provider for lawyers.*
70% of lawyers fear they will not have enough to live comfortably in retirement. On average, they thought they would need £35,680 a year to live on. However, 79% did not know how much income their current pension arrangements would generate.
19% of lawyers said they were planning to retire early, down from 29% in 2011**, and more than a quarter (26%) felt they would have to work past their retirement age. Only 30% were relying just on a pension for retirement income, with one in six (17%) planning to use the equity in their property for additional financial support.
The research also found that 44% of lawyers reviewed their retirement planning less than once a year and of those more than half either could not remember the last time they reviewed their plans, or had not done so since joining their pension scheme.
Teachers in the dark on retirement income needs
More than half teachers are worried they will not be able to adequately fund their retirement, according to new research from Wesleyan, the specialist financial services provider for teachers.*
Two thirds (67%) fear they will not have enough to live comfortably in retirement. On average, they thought they would need £26,389 a year to live on. However, 67% did not know how much income their pension arrangements would generate.
26% of teachers said they were planning to retire early, down from 35% in 2011**, and almost a third (32%) felt they would have to work past their retirement age. Only 32% were relying solely on a pension for retirement income, and more than a third (38%) are planning to pay down their mortgage early to either make additional savings or allow for equity release.
The research also found that 44% of teachers reviewed their retirement planning less than once a year and of those more than half either could not remember the last time they reviewed their plans, or had not done so since joining their pension scheme.
Notes
* Research based on a survey of 412 professionals (100 dentists, 101 doctors, 103 lawyers and 108 teachers) by Censuswide on behalf of Wesleyan February 2014.
** Research based on a survey of 430 professionals (80 dentists, 159 doctors, 91 lawyers and 100 teachers) by Wesleyan, February 2011.
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