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Less than a quarter of over 55s have enough pension savings


Only 24% of people aged over 55 have adequate savings to fund their retirement, according to a survey from Close Brothers Assessment Management.

Even with the greater flexibility brought in by the new pension freedoms, just 24% of over 55s claimed that the felt fully financially prepared to fund their retirement. Just less than half felt like they had enough to ensure “reasonable standard of living”, but more shockingly, one in five had never contributed to any pension savings.

The survey also found that three quarters of people have not given any thought into when they are going to retire, and 8% believe they may never retire at all.
83% of over 55s are aware of the pension reforms, but not many people knew the specifics of them. For the people who are unsure, over a quarter of those nearing retirement stated they would consult with Pension Wise, while 27% intend to turn to Independent Financial Advisers (IFAs). However 31% said they did not intend to take any financial advice prior to or at the time of retirement.

Penny Lovell at Close Brothers Asset Management, said:
“The new pension freedoms provide those over 55 with almost unprecedented options in retirement. But a worrying number are approaching these new options with one hand tied behind their back financially, without sufficient savings to start with. For the freedoms to have the positive impact intended, people need to visualise the retirement they want to achieve, and then take the necessary steps to ensure they have the finances to support this earlier in their careers.

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