You are here: Home - Retirement -

One in four in the dark over size of pension pot

0
Written by:
14/08/2013
A worrying number of savers risk walking blindly into retirement by failing to monitor and review their pension pots, research has found.

A study by Fidelity Worldwide Investment found that nearly 1 in 4 people (28%) do not know the size of their retirement pot while 42% have no idea how much income their current retirement savings could provide.

The poll of more than 2,000 UK adults revealed that pre-retirees expect their retirement savings (around £13,972 a year) will fall far short of the actual £21,734 they believe they will need.

It also found that almost two thirds (63%) of pre-retirees would like to achieve more than just basic living in retirement equating to £11,876 a year.

Top of the list was a two week holiday each year (31%) which would cost around £2,000. 30% would like to still regularly dine out with friends (£2,200 per year), 26% would like four weeks holiday a year (£3,750) and 25% would like to make home improvements (£2,000).

However, of those who want more than just a basic living, 39% consider this overly ambitious and actually think they won’t be able to afford any luxuries.

Chris Davies, head of Fidelity Wealth, said: “Retirement is something to look forward to and whether it seems like a long way off or you are hoping to retire soon, there is nothing more important than being prepared. It is disappointing that so many people have no idea what lifestyle to expect when they retire. It is easy to put off thinking about tomorrow, but the sooner control is taken the better the outcome could be.”

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

5,000 Lloyds current account holders to receive £200 bonus

Lloyds Bank will randomly select 5,000 current account customers to receive a bonus £200 payment to help with...
5,000 Lloyds current account holders to receive £200 bonus

NS&I to delay phasing out of Premium Bonds prize warrants

National Savings and Investments (NS&I) is postponing the phasing out of Premium Bonds prize warrants unti...
NS&I to delay phasing out of Premium Bonds prize warrants

Savings rates carnage: Six alternatives to holding cash

The pandemic has seen many people have more cash to save than normal. But with savings accounts paying paltry...
Savings rates carnage: Six alternatives to holding cash

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Sterling climbs as MPC members back Carney’s forward guidance

Sterling rose against other major currencies this morning after it was revealed that most members of the Monetary Policy Committee...

Close