Overestimating Your Retirement Pension
18 March 2010Overestimating your retirement savings
Are you banking on the state pension to fund your retirement?
Around 18 out of one hundred of individuals who are looking to give up work during 2010 admit they will be relying on the state pension and income from investments to support their retirement, according to insurance company Prudential.
Nearly a 3rd of individuals who are looking to retire either do not know how much they will get from the Government or overestimate how much they will have.
But the up-to-the-minute figures from the ONS indicate that the average outlay for a family headed by someone aged between 65 and 74 is £321 a week.
The research found that across all individual who are thinking about to retire this yr, the state pension will make for an average of 34 % of their income. Occupational pension schemes will make up 36 % of the average individuals retirement income, with 11 per cent coming from alternative assets and 9 percent contributed by private pensions.
The State has announced that it cannot sufficiently provide pensions at a satisfactory level in the future. It is up to every individual to ensure they have enough provision for retirement.
Consilium Asset Management Limited are Financial Advisers based in Bristol, South Gloucestershire.
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