The state pension will be the only source of income for 15% of people retiring this year, research by Prudential has revealed.
The survey found that 21% of women have no pension savings compared to 9% of men.
- the state pension will make up 36% of retirement income for people retiring in 2015
- 37% of people surveyed overestimated the value of the state pension
- 8% had no idea how much the state pension is worth.
- 54% feel financially well prepared for retirement, compared to 47% in 2014.
Vince Smith-Hughes, retirement income expert at Prudential, said:
“For many people reaching the retirement milestone this year, their income will come from a number of sources. Our research shows that the state pension will make up a significant proportion of income for most people – but it is important not to overestimate its value. To secure a comfortable retirement income the best approach remains to save as much as possible as early as possible during your working life.”