Baby Boomers Pension Too Small

Hartford

According to a recent survey carried out among 2200 adults born between 1945 and 1965 has revealed that 74 per cent of people have significant concerns that their pension will not allow them to maintain their current standard of living in retirement.  They think their income will have to come from multiple sources such as inheritance and downsizing their homes in addition to their pension.  

Financial services company The Hartford offer an investment protection feature, which allows consumers to grow their savings outside their pension through the equity markets.  Yet 42 per cent of those surveyed said they were unaware that savings products designed specifically for people already in retirement were available.  

Our view

Baby boomers have made enough money in property booms to have afforded to pay more into pension funds.  The lesson for us all is simple, make better pension saving provision.  

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