Research highlights why retirees are choosing income security over risk
Planning for your retirement income is one of the most significant financial steps you will take. As we transition from our working years into retirement, our priorities naturally shift from simply building wealth to ensuring that our wealth lasts throughout our later years.
Recent research offers a fascinating insight into what truly matters to people when they consider their financial future[1]. The findings reveal that more than half of UK adults aged 61 to 79 (56%) say certainty is the single most important factor when considering their retirement income.
Shifting priorities in later life
When we look more closely at the numbers, almost a third (29%) of this age group prioritise flexibility. Meanwhile, just 19% cite growth as their primary goal. This clearly highlights that retirement planning is a deeply personal process. Compared with the wider UK adult population, those aged 61 to 79 show a notably stronger preference for income security, at 56% versus 43% for the wider public.
The requirement for flexibility remains broadly similar across the board, at around one third for both groups. However, capital growth is considered much more important by the overall UK adult population, at 27%, compared with just 19% among those nearing or in their early retirement years. This makes sense, as a stable, predictable income helps you budget for daily expenses and enjoy your free time without financial stress.
Turning intentions into solid plans
Despite having clear views on what matters most, many people approaching or already in early retirement have yet to translate these priorities into firm action. Understanding what you want is only the first step, as putting the right financial options in place to deliver that outcome is quite another challenge.
Among those aged 61 to 79 who have explored their options, income drawdown was the most considered route, at 13%. This was closely followed by lifetime annuities, considered by 11%. These figures suggest that many people are still weighing up their options or feel unsure about how to achieve their desired balance of security and control.
Finding your ideal balance
You should never feel you have to compromise your goals entirely. While research shows most people value a guaranteed income, many also seek flexibility, and a centralised approach to their finances could deliver on all fronts.
You do not have to choose strictly between certainty, flexibility and growth when crafting your retirement strategy. Navigating these choices can feel overwhelming, but the right guidance can help you secure the peace of mind you deserve.
Source data:
[1] Wealth and Wellbeing Research programme, www.lv.com/wealth-and-wellbeing – the data used come from a survey of 4,000 nationally representative UK adults conducted for LV= by Opinium in September 2025.
This article does not constitute tax, legal or financial advice and should not be relied upon as such. For guidance, seek professional advice. The value of your investments (and any income from them) can go down as well as up, which will affect the level of pension benefits available. Investments can fall as well as rise in value, and you may receive back less than you invested.