'Under-saving' for retirement
The proportion of people who are saving enough for their retirement has fallen to its lowest level in nine years, a report has warned.
'One fifth of men and women' not saving for retirement
One fifth of men and women are saving nothing at all for their retirement, and insurance company has warned, with more than a third "under-saving". The report found:
- People were seen as preparing adequately were saving at least 12% of their income, or expecting their main retirement pot to come from a pension which offers a guaranteed level of income
- People who were saving less were likely to see their living standards drop sharply after retirement
- Someone retiring aged in their mid-60s faced receiving less than half the amount of money they would feel comfortable living on in their old age
- The typical level of income people felt they would need in retirement was £25,200, but the report said most would end up living on £11,400 a year
Source: Scottish Widows
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