Are you clueless about this too?

According to a recent survey published by Liverpool Victoria, one in five working people in the UK — that’s over 6 million people — have absolutely no idea how much money they’ll need for their retirement.

And nearly a third (28%) of all people haven’t started saving anything at all towards their later years.

More worrying is the finding that 20% of people aged over 55 (the minimum retirement age) have nothing saved, leaving them with a huge mountain to climb to be able to afford the retirement they wish for.

According to a recent Wealth and Assets Survey by the Office for National Statistics — the main reasons given for lack of retirement savings is “low income, not being in work or still in education” or “can’t afford to”.

With many people absolutely clueless about how much they actually need and with a lack of ability to save for retirement during their working years…

It’s no wonder that only half of the people asked were confident they’d have enough income during retirement to give them the standard of living they hope for.

And it’s no wonder that many people think they won’t be able to retire when they want to and will have to continue with at least some form of employment until they are in their 70s.

But what about you?

- Do you know how much money you’ll need per month to live the lifestyle you hope to live in retirement?

- Do you know how much of a pension pot you’ll need to get that monthly income?

- Do you know how much of that will be covered by your workplace pension? And how much state pension you’ll get?

- Do you know if these will those two combined be enough? Or will you need extra savings?

Please drop me an email here at creatingwealth@agora.co.uk to let me know what your answers are to the above questions are.

It will be interesting to see what you think and how accurate your answers are to what you really need.

Then, over the coming weeks I’ll be running a Creating Wealth mini-series on pensions.

In it I’ll be looking at the various ways in which you can save for retirement.

And I’ll also be looking at what happens when or after you retire and the financial options available to you then.

Michelle Roberts
 Editor
 Creating Wealth

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