A recent survey from Wesleyan has been conducted on doctors the results of which have just been released.
The headlines of the research are:
- More then half of doctors are worried they will not be able to adequately fund their retirement.
- 56% of doctors 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, whilst 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.
For all of your retirement needs, including a local face to face on-going service with 6-monthly meetings please contact richard.higgs@wealthwestmedical or telephone 0117 966 5699 for an initial chat. We are NHS Pension Scheme specialists and deal exclusively with doctors in Bristol.