A quarter of savers approaching retirement at risk of not having an ‘adequate pension’<\/p>\n
One of the biggest mistakes you can make is not saving enough for your retirement. This can leave you struggling to make ends meet in your later years, and may even force you to rely on others for financial support. It\u2019s never too early to start saving, and the sooner you start, the better off you\u2019ll be.<\/p>\n
The question of whether or not you are saving enough for your retirement is a difficult one to answer. It depends on a number of different factors, including your age, your current income, your anticipated expenses in retirement and the amount of time you have left to save.<\/p>\n
Cost of living crisis<\/strong> With UK households feeling the pinch off the back of the cost-of-living crisis, the war in Ukraine and two years of COVID-19 restrictions, savers have reported that they have long-term concerns as to their financial health when they stop working.<\/p>\n Low income households<\/strong> Furthermore, 35% of those in low-income households, whose total income is up to \u00a314k, and 31% with an income of \u00a314k \u2013 \u00a328k stated their concerns. This figure drops to just one in five (20%) for those in households with an income of over \u00a348k.<\/p>\n Minimum standard of living<\/strong> The findings show that a majority of people save to get either a moderate (41%) or comfortable (33%) Retirement Living Standard. However, far fewer people think their current pension saving will achieve this, with slightly over a quarter (27%) saying moderate and just 14% comfortable.<\/p>\n Reaching your future goals<\/strong> Keep in mind that these are just general guidelines. The best way to know if you\u2019re on track for retirement is to obtain professional financial advice to develop a personalised retirement plan and make sure you\u2019re on track to reaching your goals.<\/p>\n Time to start thinking about your retirement?<\/strong> A quarter of savers approaching retirement at risk of not having an ‘adequate pension’ One of the biggest mistakes you can make is not saving enough for your retirement. This can leave you struggling to make ends meet in your later years, and may even force you to rely on others for financial support. It\u2019s…<\/p>\n","protected":false},"author":6,"featured_media":49587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\n
\nAccording to a new survey, just over a quarter of savers surveyed (26%) who have a workplace pension think that their current amount of pension saving will not be enough to get by on when it comes time to retire.<\/p>\n
\nIn the survey, those aged between 35 and 54 (29%) were most concerned that they wouldn\u2019t have enough to live off, compared to those aged over 55 (20%). Just under a third of women were concerned (31%), compared to one in five men (21%).<\/p>\n
\nOne in five people surveyed (21%) who have a pension say that they save into a pension to ensure that they have a minimum standard of living in retirement \u2013 a pension that meets all their basic needs.<\/p>\n
\nThere are some key questions that will help give you a sense of whether you\u2019re saving enough for retirement. These include: How much have I saved so far? How much will I need to save? What is my expected rate of return? What sources of income will I have in retirement?<\/p>\n
\nNo matter what your situation is, it is important to start thinking about retirement saving as soon as possible. The sooner you start, the more time you will have to reach your goals. To discuss your options, please get in touch.<\/p>\n","protected":false},"excerpt":{"rendered":"