Overestimating Your Retirement Income
Overestimating your retirement savings
Are you relying on the state pension to fund you in retirement?
About 18 % of people who intend to give up work this year admit they will be relying on the state pension and income from savings to fund their retirement, according to insurer Prudential.
Virtually a 3rd of individuals who are due to retire either do not know how much they will receive from the Government Pension or overvalue how much they will get.
But the up-to-date numbers from the ONS (Office of National Statistics) demonstrate that the average outlay for a house 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 account for an average of 34 percent of their income. Occupational pension schemes will make up 36 per cent of the average individuals retirement income, with 11 % coming from different investments and savings and 9 % contributed by private pensions.
The State has announced that it cannot sufficiently fund pensions at an appropriate level in the future. It is up to every individual to determine they have enough provision for retirement.
Consilium Asset Management Limited are Financial Advisers based in Bristol, South Gloucestershire.
