Retirees plan to use a mix of assets such as pensions, cash ISAs and savings to fund their retirement, according to a survey by YouGov commissioned by Friends Life.
The survey polled 7,000 people across the UK and found that many are planning to use a diverse portfolio of assets to see them through retirement.
Pensions are the most popular way of saving for long-term retirement. More than half (52%) of respondents plan to use a state pension while 39% have company pensions and 25% hold personal pensions.
Other popular ways of funding retirement include:
- savings accounts (29%)
- cash ISAs (18%)
- property (17%)
- stock and shares
- equity release schemes.
Andy Briggs, group chief executive at Friends Life, said:
“It’s hugely encouraging to discover that people are preparing for retirement by putting in place such a comprehensive ‘basket’ of retirement products.
“It demonstrates that people are aware of the need to plan ahead and to understand the options available to them so they can work out how best to secure their future.”
Contact Manchester Accountants Jack Ross to discuss your options in retirement – call 0161 832 4451 or email firstname.lastname@example.org.