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One in four in the dark over size of pension pot

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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.”

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