Thanks to press attention, pensions have come to the attention of people who might not have previously considered their retirement funds. However, although people are now becoming aware of the importance of our pensions, some aren’t aware of the options available to them. True Potential found that 57% of over 55s didn’t know how they would access their pensions.
What will you need to secure a comfortable retirement?
Depending on the quality of life you plan to have during retirement, this will influence the amount of money you need to put aside for your pension. Keep in mind that your pension is likely to cover you for 20 to 30 years. True Potential estimates that you’ll need £23,000 a year in retirement. This is almost four times the £6,000 Brits are on course to receive each year.
When deciding how much you’ll need, remember that your outgoings will likely be …