Are you one of the one in five British workers NOT saving for a pension? If you are saving, do you have any idea of how much money you are putting away? Do you have any idea of what amount of pension you will need when you reach retirement? And how much money in a “pension pot” is needed to generate this income?
In a recent survey of 2000 British workers, of those who were saving for a pension, 80% had no idea of their “pot” value at retirement. But more alarmingly, over a fifth of those taking part in the survey had NO pension provision at all and 8% had no savings allocated to their future retirement. The average person didn’t start saving to a pension until they were 27 years old and 5% not starting until in their 40’s. Over a third of those questioned hoped to retire at 65 years old, but didn’t know what age they would have to work to.
By law, all employers will have to provide a Workplace Pension Scheme by 2018, aimed at helping workers to increase their retirement wealth in the future. Employers will discuss with all workers about the schemes and the contributions that can be made by both employer and employees.
If you haven’t started to save for your retirement, or are worried about what the future holds for your pension scheme, then you need to take professional advice. Your pension fund is critical for receiving an income during your retirement. How much income you receive will be dependent upon the history of your fund and the way you draw the income in retirement and at what age. With so much importance on maximising your funds’ performance it is essential that you take expert advice and guidance.
Elliot Fletcher Limited are a team of Independent Financial Advisors who offer specialist pension and retirement planning. Based in Liverpool they can help de-mystify how to start a fund or what action should be taken with your current pension funds. You will receive impartial, un-biased advice on the options available to you and they will give you the confidence to make the right decisions about your funds. See more on our Retirement Planning webpage.
If you would like to meet an Elliot Fletcher Retirement Planning expert and have a have a no-obligation consultation with them, then please make contact directly to arrange an appointment,
Telephone – 0151 709 2299
Elliot Fletcher Limited is Authorised & Regulated by the Financial Conduct Authority