Wealth management at risk as more than 50% avoid retirement planning?

Wealth management of many Britons may be lacking, as new research reveals more than 50 per cent of couples over 40 have not discussed the private wealth they will need in retirement.

Prudential reports only 16 per cent have a "firm plan" for their finances in post-work life, a number indicating many individuals' wealth management is of a short-term nature.

Those with private wealth could find it important to discuss retirement, as couples are likely to hold considerable assets that may be spread around vehicles such as stocks, property and offshore private bank accounts.

Vince Smith-Hughes, head of pensions development at the group, commented: "Couples … have the huge advantage that they can balance their savings to maximise the tax advantage and accelerate the rate at which their investments grow."

Recent changes to tax-protected retirement funds means the annual amount individuals can deposit in a year has been reduced, meaning those with private wealth may wish to seek alternative options for post-work financial management.  ADNFCR-2318-ID-800222374-ADNFCR