Research from Lloyds TSB has found that only 9% of more comfortably off Britons believe that the state will provide enough money to live on in retirement, compared to 28% of those not so well off.
Of the wealthier people, 42% are relying on a company pension, while 26% expect to release money from their property. Around 39% of those with more than £250,000 in available funds planned to cut down on their expenditure as they get older, including downsizing their home, buying a cheaper car and cutting back on luxuries.
Of the better off, 42% have thought about long term care, and featured it in their plans compared to just 32% of those with less available assets.
Our view
The State pensions system, whilst very good, will not get better. This country simply cannot afford it.
People need to plan from quite a long time out.
Contact us about a FREE consultation review on your pensions .