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Workers Saving More To Meet Retirement Goals

Nearly three quarters (72%) of workplace savers are expressing an interest in personalising their pension to suit retirement needs.

Out of 672 people surveyed by Aegon, 71% would make more proactive choices to support their retirement goals instead of accepting default auto-enrolment options made on their behalf.

When it came to retiring, almost 4 in 10 employees (38%) expected to be working beyond the state pension age of 65.

Among recent retirees, 29% would select an income drawdown option for flexible income while 15% would opt for an annuity.

Among those on workplace pension schemes:

  • 62% are saving more than the minimum contribution (1% of salary)
  • 44% increased their contribution if their employer was willing to match it
  • 30% said minimum contribution was not enough to secure a meaningful pension.

Steven Cameron, director of pensions at Aegon, said:

“It’s great to see that many appreciate they don’t have to take a one-size-fits-all approach to pensions and making choices more suited to their individual circumstances will help give them the retirement they aspire to.

“However, there is a risk individuals just go along with the ‘default’ contribution levels and investment funds and assume they’ll work until state pension age.”

For any help or advice with financial planning talk to RPD

 

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