UK - Retirement income for most workers will be around 40% lower than they expect, a new survey shows.
The survey – carried out by insurance giant Prudential – also found that people expected savings of around £115,000 would give them the income they needed. But the Pru said that in reality individuals would need 60% more.
Half of the 1011 people interviewed had no idea of the amount they needed to save to provide them with the income they wanted when they retired. Those who did respond were, on average, nearly £70,000 short of the £180,000 needed to generate their desired income.
Most people think it is right that savers take responsibility to protect from pension scams.
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'