A recent survey has found that close to a third of Britons who are below state pension age now anticipate that the regular government pay-out will be their prime source of income in retirement. However, the research also revealed that this prediction exists even though over 50 per cent of UK savers say that the state pension will not be adequate to give them a comfortable retirement.
UK consumers who are concerned that the state pension will not be enough to support them when they stop working often consult experts in retirement planning in Chester, Birmingham and other British cities. With an understanding of their client’s present financials and their retirement needs and goals, wealth managers draw up a roadmap to ensure sufficient income and protection can be achieved.
The survey, which included a total of 4,000 respondents, discovered that 39 per cent of people aged 55 and over expect that the government pension will be their first source of retirement income.
The research also unearthed that people aged 55 or over are the most likely to rely on the state pension as their primary source of income for retirement at 51 per cent, compared to those aged between 18-34 at 25 per cent.
However, the report also suggested that a shortfall exists in the expectations people have for retirement. Respondents stated that they will require £1,117 each month to live comfortably during retirement, but the new state pension pays only up to £802, creating a £315 shortfall every month.
