According to new research, around 20% of the working age adult population have no clear idea when they will retire.
If you are currently retirement planning in Cheshire, it is worth bearing in mind that around half of respondents in the survey estimated somewhere between 61 and 70. This might suggest a lack of financial planning and preparedness in regard to retirement – but how serious an issue is it?
Retirement analysis expert Helen Morrissey, who conducted the research, said that most people intend to retire around the time of their pensionable age, which in the UK currently stands at 66 for men and women alike. While some late retirees might be motivated by a passion for their careers, it may also be that there isn’t yet enough cash in the kitty to ensure a comfortable life after work.
This would appear to confirm earlier findings by the same team that identified 36% of households on course for a ‘moderate’ income. Broken down by demographics, particular affected groups include single parents, renters and the self-employed.
As a result, Morrissey emphasised the critical importance of people planning ahead and calculating their desired retirement pot to get a more precise idea of how much it might cost them. To achieve this, she recommends taking steps to increase pension contributions with each pay rise or new employment.
Checking to see if an employer matches your contribution is an effective way of boosting your pension. By taking such measures, you will make it easier to retire on your own unique terms.
