New research from AXA Wealth suggests that almost one third (31%) of consumers are waiting until just six months from retirement or even later before seeking professional advice.
In a new survey* of 200 advisers, three in four (75%) recommended that consumers should seek advice about their retirement at least seven years in advance. However, advisers are finding that as many as one in four (24%) are waiting until just six months before they hope to retire. Worryingly, a further 7% of advisers found people are waiting until the point of retirement itself.
Simon Smallcombe, head of guaranteed distribution for AXA in the UK, said: “Seeking professional retirement advice is absolutely critical and the sooner the better, especially in today’s market. Advisers should engage their clients on the subject of retirement planning and pensions as early as possible. Existing plans can be regularly reviewed to reflect changing circumstances, so it’s not a panic the year or so before the desired retirement date.
“In a time of poor annuity rates and market volatility, advisers should be taking the opportunity to meet with clients and explore the range of options available when it comes to securing a retirement income. There are so many more choices today, particularly with regards to flexibility and the potential for capital growth, but all these decisions need to be carefully planned.”
AXA Wealth distributes investment and retirement solutions with guarantees through AXA’s Secure Advantage™ Protected Capital and Lifetime Income range.
These plans give consumers the potential to:
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grow their investment
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protect their investment from market downturns and
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secure any gains by locking in investment growth annually.
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