State Pension Loses Support
Published / Last Updated on 17/12/2007
Savings gap
In a survey carried out by TNS Finance, almost half of adults aged 55 to 64 have no financial arrangements in place for when they retire, even though they believe that the state pension will not support them in retirement.
Two-thirds of people surveyed are concerned that they will not have sufficient funds when they retire and expect their standard of living to decline. Yet more than 45 per cent of those surveyed in this age group have no financial plans in place for when they retire.
Our view
In our experience, many people end up totally relying on their State Pension. So many people do not plan for retirement until it is too late. Take advice early about private pension provision. Take a look at our Pension ‘Commission Smashers’ options.
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