Pension Income Expectation Too High
Published / Last Updated on 25/10/2007
Research conducted by Norwich Union has found that the average level of pension annuity income falls below people’s expectations.
The average lump sum to purchase an annuity in 2006 was £26,364, which provided a monthly income of £154.00. The research showed that people were expecting 14 times this much in order to give them a comfortable retirement income of £25,000 per year. Norwich Union believe that when you mention pensions or annuities most people switch off.
Our view
Retirement income is the difference between what people want and what people get and it is important that people realise what their needs are in retirement.
You need to plan for your retirement income and need to do it now.
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