A recent research report has uncovered that most young adults in Britain do not believe they can depend on a state pension for their retirement plans. The survey found that 50% of respondents in their 20s felt that the pensions offered by the time they reach retirement ages would be less generous than they are at present. However, 30% of those surveyed believed the government state pension would likely no longer exist when they stopped working.
UK savers with concerns about adequate provisions in the future often consult retirement planning experts in Shropshire, Hampshire and other counties. Wealth managers help their clients prepare for the day they cease employment with pre-retirement plans, and continue to serve them with post-retirement guidance to ensure they have sufficient income and can enjoy their retirement fully.
The survey also discovered that 56% of those canvased predicted that they would need to wait until they were over 70 years old before they would be able to access the state pension.
With the current projected age to receive a state pension for people in their 20s being 68 years old, this prediction would see savers overshoot this estimate by two years at least.
While retirement age might clearly be a long way off for many younger workers, many of those surveyed were sceptical of what level of government pensions would likely be available to them and how much financial help they could offer to support them.
