Baby boomers consider retirement companies.

15th January 2013

From a recent retirement survey conducted by WEALTH at work amongst some of the UK’s largest employers, it was revealed that only 18% of employers believe their employees are aware of the various retirement income options available and as few as 13% aware that they no longer have to purchase an annuity at retirement.

The research also revealed that 71% of employers believe there will be an increased requirement for specialist advice at retirement.

Jonathan Watts-Lay, Director, WEALTH at work, commented; “As the baby boomers consider retirement, employers will need to do more to support them. Employees save for many years to fund their retirement income but are often left without any guidance at the point of retirement. Our research shows this is likely to change in 2013. More companies are now realising that employees need to make important choices not only about when they want to retire but also how they can maximise their income in retirement. Unsurprisingly the decision an individual makes at retirement is becoming one of the biggest financial decisions they will ever make in their life with poor decisions potentially losing them thousands of pounds over the course of their retirement.”

He adds, “It looks as though 2013 will be the year when financial education and advice comes to the forefront for retiring employees.”