Nearly two thirds (64 per cent) of Brits do not feel confident about their retirement, whilst 36 per cent don’t feel confident about planning for retirement, research by workplace pensions specialists, Penfold, has revealed.

The survey of 2,000 British workers also found that over half (55 per cent) don’t know how much money they have in their pension pot.

In addition to this it showed that, “alarmingly”, those closer to retirement are less pension-aware than their younger counterparts as 57 per cent of 55-64 year-olds said that they don’t know how much money is in their pension compared to 51 per cent of 25-34 year-olds.

The research also raised concerns around the amount that savers expected to need in retirement as almost half of respondents (45 per cent) said they thought they would need up to £200,000, while 3 per cent of those believed they could manage on just £1,000-£10,000.

Yet estimates suggested that someone who earns £35,000 per year before tax should look to generate an income of £23,333, two-thirds of their working salary, per year during a 20-year retirement which would require a £466,600 pension pot.

Here at The Financial Planning Group we help individuals, families and businesses to place their financial affairs in context with their future goals and aspirations. We provide a simple, structured, disciplined and reviewable planning service that helps our clients change the fundamental relationship they have with their money to give them confidence and clarity in their own future.

If you would like to speak to us about a medium to long term strategy for your pension provision, please contact us to arrange a meeting in our office in central Teddington by calling Tim Norris on 020 8614 4780 or emailing him at Tim.Norris@fpgonline.co.uk

 

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