New research shows that on average the state pension currently accounts for a third of all income Britons have in retirement, suggesting that today’s report about state pension funding potentially being at risk is a huge concern. The research was carried out by investment business Old Mutual Wealth amongst 1,500 50 -75 year olds.
Jon Greer, Pensions Specialist at Old Mutual Wealth comments:
“Although the state pension is not enough to survive on alone, it does account, on average, for a third of the income people in Britain currently have in retirement. This does not look set to change, with 86% of people approaching retirement (aged 50+) expecting the state pension to form part of their retirement income. Today’s report will be a worry for those people and highlights the need more than ever for people to take control and ensure they are saving enough themselves to fund their retirement years.”