18 September 2006
The average Briton feels that they need a retirement income of
nearly £30,000 a year to live comfortably, according to a
survey from Scottish Widows.
The survey of nearly 6,000 people by Scottish Widows also found
that on average people hoped to retire at age 62.
However, more than a quarter of people surveyed have no pension
and a fifth of over 50s are failing to save. Scottish Widows
estimated that only one in 12 people have the financial means in
place to provide a retirement income of £30,000.
Ian Naismith, head of pensions market development at Scottish
Widows, said: "The truth of the matter is quite simple - if you
want to have a fairly comfortable retirement you should be saving
at least 12% of your earnings year-in, year-out from the age of 30
until retirement at 65.
"And to achieve the income most people say they're looking for
would require much more than that. As a nation we are not saving
nearly enough - yet we still hope we will be comfortable in
retirement."
