Millions of people in Great Britain face a ‘bleak old age’. Those were the words of Lord McFall, chair of the Workplace Retirement Commission.
Figures show that more than one person in 10 expect to never be able to afford to fully retire.
More than four in 10 people of working age simply don’t know when they will be able to retire.
There are other notable statistics. Sixty-six per cent of retirees see their income fall in retirement compared to when they were working, while £21% see that income fall by more than half.
Simply, you need to start saving enough money for you to live as you want in retirement.
Is your pension on track for you to do that?
You need to discover the retirement income you could receive – and how much you should be considering saving, in order to meet your target.
Consider what impact inflation and charges have on your pension.