Planning for retirement has never been more important, according to new research.
As living costs continue to rise, a study from think tank Phoenix Insights shows that 18 million people (nearly half the UK’s population) are not ‘adequately preparing financially’ for their retirement years.
The report, A Crisis of Confidence, found that people don’t feel confident about saving up enough for retirement, mostly due to money pressures elsewhere.
Two in five people said they could not afford to put aside enough money for older age, while one in five stated that paying off debts was preventing them from saving.
In an additional poll commissioned by the think tank, two in five (41 per cent) adults expected to use some or all of their savings to cover increasing living costs. Meanwhile, 14 per cent said they had no savings at all.
Get started with your retirement planning
Remember, it’s never too early to start thinking about your retirement. Part of this is making sure you are financially prepared and that your pension will support you when the time comes.
At LPPA, we can provide you with all the information you need to plan ahead and get the most out of your pension.
Learn more on our Getting ready for retirement page.