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Retirement Wishes
Twenty-one percent of retirees wished that they had been more thorough in planning for their retirement. That’s one of the headline ‘wishes’ thrown up by Standard Life’s annual ‘Retirement Voice’ report. Close on the heels of that finding were the 20% who wished they had known that they would need more money in retirement than they thought. That figure was balanced by the 16% who wished that they hadn’t curbed their spending early in retirement when they were still fit and active for fear of running out of money.
Other headlines from the report included the fact that people were twice as likely to save for a holiday than their pension and that 45% of employees with a defined contribution pension plan thought that being auto-enrolled in their company pension scheme meant that they were saving enough for retirement. And when it comes to pension savings there is, perhaps unsurprisingly, a split across the generations with 41% of GenZ having a defined contribution workplace pension compared to 59% of millennials and 54% of GenX.
If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.
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