RETIREMENT WARNING: Millions of workers failing to save enough for old age

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Millions of hands failing to save enough for their retirement

Not having enough on Easy Street in their pension pot to retire on and live a comfortable lifestyle tops the laundry list of retirement concerns.

Another key worry for 27 per cent is not having change available to cover emergencies such as accidents or illnesses.

But despite these monied worries, more than a third (36 per cent) of UK adults do not procedure to save more for their later life.

As many as 15 per cent do not plot to retire at all, according to the research from Close Brothers Asset Running.

The report, which highlights the preparedness of Britons set to retire, reveals that hotchpotch about pension planning is the main reason workers refuse to make a big deal of any decisions.

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Not having enough money in their pension pot excellent the list of retirement concerns

One in five of the 2,184 people polled recognized to being worried about not knowing which retirement product way out best suited them and more than a quarter (26 per cent) initiate the recent pension freedom changes confusing.

It’s a concern that about one in seven people expect never to retire

David Newman

David Newman, of Painstaking Brothers Asset Management, said: “Closing the gaps in both superannuation saving and knowledge is paramount.

“Auto enrolment has meant that more people are now frugal into pensions, but there is clearly a significant shortfall in both the slew of people saving and the amount they are saving for retirement each month.

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As many as 15 per cent do not plan to retire at all

“Vexing aside the bare minimum will not guarantee that the next gesticulation of retirees will have the necessary income in retirement.

“Working in later sprightliness should be a choice not a necessity, and it’s a concern that around one in seven man expect never to retire.”

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