Retirement advice needs differ according to age

The type of retirement advice people want varies significantly according to age, research by Partnership has found.

Structuring a retirement budget is the biggest concern for people aged 21-30, while information on benefits entitlement and state support tops the list for people aged 56-65.

The survey of 2,000 people asked about the information individuals want when they retire. A quarter of people aged 56-65 don't want any education about retirement, compared to 18% of 21-30-year-olds.

Of those who do want advice:

  • 18% of 21-30-year-olds want information about using property as an asset in retirement (compared to 12% of 56-65-year-olds)
  • 16% of 21-30-year-olds want advice on inheritance tax planning (compared to 11% of 56-65-year-olds)
  • 28% of 56-65-year-olds favour information about income products (compared to 10% of 21-30-year-olds) 
  • 34% of 56-65-year-olds want advice on managing finances tax efficiently (compared to 25% of 21-30-year-olds).

Jim Boyd, director of corporate affairs at Partnership, said:

"While older people want to ensure they receive the state support they are entitled to, the younger generation is most interested in how to structure a budget for retirement.

"This difference of opinion may be due to those in their twenties being sceptical about the level of government support they will receive when they retire or perhaps being more optimistic about the level of retirement savings they can achieve.

"Irrespective of the differences, overall it suggests people want more clear information and education on retirement issues to ensure that they feel they can make the most of their finances."

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