Category : Pensions
Six years on from the launch of Automatic Enrolment in workplace pensions figures show there are close to 10million UK workers saving for retirement. But a recent Office for National Statistics (ONS) survey revealed 13% of people believe they don’t know enough about pensions to save into one. So, do you know if you are saving in to a workplace pension, how much you are saving or how much you need to save?
The cost of retirement
How much money do you think you’ll need to receive each year of your retirement?
According to the investment manager Schroders, working people in the UK aged 55 and over believe this figure would equate to 66% of their current income, but the reality according to UK retirees is actually 53%.
Despite the 13% shortfall, the majority of retired people (92%) felt their retirement income was sufficient. This may not come as a surprise if we consider they are likely to be part of the baby boomer generation and therefore enjoy significant wealth compared to future generations of retirees who quite possibly won’t have the benefit of a final salary pension plan. Read More