Retirement planning is HNW clients' priority number 1 for 2016

Retirement planning is the top priority for many high net worth clients, according to a poll looking at financial resolutions in 2016. An international survey found 41 per cent of the 655 clients polled said their priority for the year ahead was to save more for their retirement.Respondents were all deVere Group clients between the ages of 25 and 70, with investable assets of more than £1 million when surveyed.The research also found 27 per cent cited more regular reviews of their investments as their primary objective. Some 23 per cent answered that their main goal was to build funds to leave as a legacy for their beneficiaries. Nine per cent responded with a variety of different resolutions.Nigel Green, deVere CEO and founder, said: “Against a concerning backdrop even the richest people in society are now worried about not having accumulated enough money to last throughout their retirement.“This backdrop includes dangerously large company pension deficits, low interest rates, changes to pension tax relief thresholds, the demographic pressures of an ageing population leading to the scrapping or reduction of some age-related benefits and public services, and soaring medical and care costs, amongst other factors.”He said: “Leaving behind a decent legacy to loved ones is an honourable and very natural instinct for most people. Hence why ensuring enough funds are accumulated, and in a way that allows them to pass on as much of their estate as possible, ranks as the third most important priority in the poll.“If this section of society is concerned about such matters, it should be a red-flag to middle and lower income earners to ensure they are also saving enough and, crucially, as efficiently as possible, for their mature years.”Mr Green said: “2016 is set to be a difficult year for the global economy; it will certainly be shaped by market volatility. Key drivers of this volatility include the fall of oil prices, China’s slowdown, the economic plight of emerging economies such as Brazil, the U.S. presidential elections, and Greece’s trap of debt and austerity.“With so much turbulence on the horizon, it’s prudent to increase reviews, and where necessary, rebalance investment portfolios to ensure that they always remain ‘on track’ to reach their financial goals by mitigating the risks and taking advantage of the inevitable upsides.”

Retirement planning is HNW clients' priority number 1 for 2016

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