Pensions expert warns that some people are sleepwalking towards retirement
New analysis by Standard Life, part of Phoenix Group, has calculated that people who want to achieve a minimum living standard in retirement, which includes enough for the basics and one week’s holiday in the UK a year but no car, require an annual income of £12,800.
The research also suggests that almost six in 10 don’t know how much income they will need in retirement, while over half don’t know how much their pensions are worth. You can argue that when you are young you don’t necessarily need to have all the details but a closer look at the figures shows that even those close to retirement – the over 55s have yet to give their retirement much thought. Well over half don’t know how much income they might need, and a similar proportion don’t know how much they’ve got. Almost 60 per cent have no idea when they might finish work.
Five key questions you need to ask about your retirement When do I want to retire? Some people plan to keep working for as long as they can while others prefer to make as early an exit from the workforce as possible. You can choose to ease into retirement by going part-time. If you have an idea of what you would like to happen, then you can start putting a plan in place to get you there.
If this is the case, contact the Uk Government’s Pension Tracing Service with either the name of your employer or pension provider and they can give you contact details to investigate further.
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