Mental accounting
‘Tendency to separate money based on its source or the intention’
Often people allocate money for specific purposes. Even if it’s not physically separate they have divided it in their mind into categories. For example, holiday fund, Xmas savings, rainy day pot.
That means if you ask someone what else they could use to boost their income in retirement, they may not be forthcoming simply because other sources of income are ‘out of play’.
action
To help make sure assets aren’t missed, it may be better to prompt from a list rather than ask a general question.
Other sources of income could include an anticipated inheritance, second property or buy to let, salary or income (if continuing to work in some capacity) and the family home. Unorthodox sources may include rent from children home after Uni (called ‘boomerang kids’)!
And of course state pensions and other savings and investments.