A report by B&BC benefit schemes has shown that 22% of people, which is around one million full-time workers in the UK will be relying solely on the state pension to provide an income in retirement.
The survey also found that, on average, workers expect to need a pre-tax annual income of £24,230 in retirement, higher than the current average of £22,900. Despite these figures, one in five people expect to retire by the time they are 60 years old! Though one in ten believe that they will have to keep working until they are in their 70’s.
Our view
What planet are we living on? There is a fundamental problem with peoples understanding of what is required to retire comfortably. The Government sponsored Turner Report on pensions reform was issued yesterday suggesting compulsory pension contribution payments by all.
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