The number of people in the UK saving enough for a comfortable retirement has reached a record 59%, research from Scottish Widows has revealed. This represents a 4% increase from 12 months ago, when the figure stood at 55%.
The research highlighted that the number of under 30s saving enough for retirement has increased significantly since the introduction of auto-enrolment, but still three in five are saving below the recommended level for a comfortable retirement, with 14% of under 30s not saving anything.
Overall, 22% of the 5,036 UK adults surveyed expect they will never be able to retire, equating to around 8 million people based on the entire UK adult population. Furthermore, the proportion of people of all age groups not saving anything for retirement has remained at 17%.
Clearly, provisions are required to provide a comfortable retirement and ensure you are not required to continue working past your preferred retirement age in later life and or relying solely on State Pension.
How can we help?
It is never too late or too early to start contributing towards retirement, of course the earlier you start the more you will have in retirement. However, if you do start saving later you can still achieve your goals.
Please do contact the office to arrange a meeting or telephone appointment with one of our highly qualified advisers who will be more than happy to discuss your retirement options, retirement goals or address any queries you may have. The initial meeting is offered at our cost.