Are You On Track for Retirement?
A recent Scottish Widows report reveals a startling statistic: 38% of people are not saving enough to achieve a minimum standard of living in retirement, as defined by the PLSA. The suggested annual income for a basic retirement lifestyle is £14,400 for singles and £22,400 for couples. If you’re renting or have a mortgage, you might need even more.
Here’s a snapshot of where people stand:
- 23% are on track for the minimum level.
- 7% are on track for a moderate lifestyle (£31,300 for singles, £43,100 for couples).
- 32% are on track for a comfortable lifestyle (£43,100 for singles, £59,000 for couples).
The breakdown by age is revealing:
- 47% of 22-29 year-olds are falling short of the minimum.
- 31% of 30-39 year-olds.
- 34% of 40-49 year-olds.
- 30% of 50-59 year-olds.
- 40% of 60-64 year-olds are at risk of not covering basic living costs.
Part-time workers and the self-employed face an even tougher challenge.
The big question is: How do you know if you’re on track for a comfortable retirement or if you might struggle to meet your basic needs?
The good news is that our retirement planner can help you get a clear picture of where you stand. Discover how to plan effectively for your future by accessing our tool here: Retirement and Lifestyle Planner.
Take control of your future today—because planning for retirement is a journey, not a destination.