Two-thirds of retirees risk running pension pots dry - Standard Life Aberdeen
Class of 2021 Pension pots are without a doubt the most popular option for funding retirement, but it s so important that retirees consider any other savings or assets they can use when deciding whether they can afford to retire or not. - John Tait
Two-thirds of people set to retire this year run the risk of not having enough pension savings to sustain their desired level of income, according to a report from Standard Life Aberdeen.
The provider s Class of 2021 report found retirees plan to spend an average £21,000 a year, which is about £10,000 below the average UK household income of £29,000.
Third of people close to retirement ‘have accelerated plans due to coronavirus’ April 21 2021, 12.04am
More than a third (37%) of people who are close to retirement have accelerated their plans due to the coronavirus pandemic, according to Standard Life Aberdeen (Yui Mok/PA)
More than a third (37%) of people who are close to retirement have accelerated their plans due to the coronavirus pandemic, a report has found.
Lockdowns, health worries due to the pandemic and job uncertainty were the three main reasons for speeding up retirement, Standard Life Aberdeen found.
Women who are close to retirement were less likely to feel confident they are financially ready to finish working than men.
Message :
Required fields • Almost two in five (37%) 2021 retirees have accelerated retirement due to Covid-19 • Launched today, the
Class of 2021 report by Standard Life Aberdeen looks at how ready this year s retirees are for what is to come Two thirds (66%) of 2021 retirees risk not having the pension savings to sustain their planned retirement income, according to a new report launched today from Standard Life Aberdeen. In its inaugural
Class of report, surveying UK adults planning to retire this year, Standard Life Aberdeen revealed how ready the Class of 2021 is to retire, identifying what worries and excites them most, and how recent events have impacted their plans for retirement.
Two in three retiring this year will run out of money, report warns
Hundreds of thousands will end up relying on state in later life
21 April 2021 • 6:00am
Two thirds of those retiring in 2021 have failed to save enough and have a high chance of running out of cash, research has shown.
Hundreds of thousands of workers do not have a pot big enough to fund an annual income of £21,000, even when combined with the state pension, according to a report from Standard Life Aberdeen, a pension provider.
Savers need a nest egg of £390,000 to reliably receive £21,000 per a year, the average amount pensioners expect to spend, for thirty years. However, two in three has saved less than this.
Standard Life Aberdeen says 66% of retirees will run out of money
The UK government has spent millions promoting the need for pension and retirement savings, but recent studies have shown Brits have not listened to the message.
Standard Life Aberdeen has found two-thirds of adults retiring this year in the UK are at risk of not having enough savings put aside to fund their post-work life.
The firm also discovered that the ‘class of 2021’ expects to spend an average of £21,000 ($29,050, €24,245) a year in retirement – a much lower figure than the 2020 average UK household income of £29,000, according to the Office for National Statistics (ONS).