A new report has revealed the welcome news that more Scots are saving for retirement, with 84% of people putting money aside compared to 75% last year.
Around half of those due to retire this year are considering working past State Pension age, new research by Prudential has revealed. This is apparently the sixth consecutive year where half of people retiring would be happy to keep working if it meant guaranteeing a higher retirement income.
New research has found that lack of consumer understanding and awareness of Pension Freedoms are the biggest concerns for advisers, three years on from the launch of the rules.
The pension pot needed to avoid an uncomfortable retirement – or the ‘pension mountain’ – has grown in size in real terms by three quarters since 2002, from around £150,000 to £260,000, new research by Royal London has revealed.
Recently published figures by the Office for National Statistics (ONS) have led to concerns about how financially prepared many people are for retirement, despite a rise in the number of people contributing to a pension following the introduction of automatic enrolment.