A top women’s website has urged British people to rethink their retirement plans, and urged them not to rely on just the state pension for a comfortable level of living.
Sarah Pennells, editor of women’s website, SavvyWomen.co.uk, revealed this week that she is worried that people are failing to plan for their future, and refusing to put aside any money, relying instead on the state pension to look after themselves.
Despite research from the Organisation for Economic Co-Operation and Development showing that the UK has one of the least generous pension schemes in all of Europe, a third of Britains reach state pension age having not saved a penny.
Sarah added, “Government figures show that around seven million people are not [putting] enough into their pensions although other estimates show as many as half of all employees aren’t saving enough.”
Prudential revealed this week that their research has shown one in five people reaching retirement age will have to live off less than £10,000 a year, which puts them below the poverty line, and will add them to the growing number of people in retirement poverty.
The message here is clear, the state pension is not enough to live on, if you want a life of any form of luxury, save a little while you can and make sure you enjoy your golden years.