39% Adults Have No Retirement Fund Target and 16% Use Gut Instinct

Standard Life has released its Retirement Voice report and some of the findings are alarming.

Standard Life brand is now part of the Phoenix Group and it highlighted that in its research:

• 39% of adults had not worked out their target retirement fund for a secure income in retirement.  Of the 39%:
• 43% were Generation X (that is those born between 1965 and 1981).
• 34% were Baby Boomers (this born between 1946 and 1964).

Staggeringly, in addition 16% of all respondents, including Generation X and Baby Boomers, were guestimating their retirement needs.

Comment

This means that 1 in 4 that are close to, at or past retirement age i.e., aged between 79 and and 44.

This is indicative that financial education is not taught  in schools but Pythagorus, Shakespeare and crocheting is.

We hope with the ever increasing availability of financial tools and news that the younger generation will be in a more informed position to plan their retirement given none of us can rely anymore on ‘gold plated’ defined benefit schemes that many workers had in the 70s, 80s and 90s.

Take a look at our Pre-Retirement Review Services:  Review Pens.  & Inv.