The latest Pension Trends survey from the Office for National Statistics (ONS) reports that the recession caused pension contributions to tumble.
Meanwhile, life expectancy continues to grow, and the state pension age is creeping up as a result. The longer we are expected to live, the more we will have to save for retirement, and as the state pension amounts to just over £5,300 a year, it is clear we cannot depend on it.
Important tax allowances and reliefs make saving into a pension for your retirement attractive, but you may also want to consider other avenues. The amount that you need to save in order to retain your preferred standard of living will depend on a number of factors including:
- Your age
- Your income
- Your outgoings
We would be happy to help you to prepare for your retirement. Read our Active Practice Update on Successful Retirement Planning for more information, or contact us to find out how we can help.