The pension crisis doesn’t need any hype; the cold hard facts are scary enough.
We have put together some of the most frightening data you are every likely to read. Here are some of the key numbers of the pension crisis.
Pension crisis warning: You may want to sit down before reading any further!
- A report from HSBC has found 17% of the adults questioned don’t know what their main source of retirement income will be and a further 21% say they will rely on the state pension.
- 60% of people in the UK have no financial plan at all. Those who do have a financial plan have retirement savings worth more than four times those of non-planners.
- The Chartered Insurance Institute (CII) says tomorrow’s average pensioner won’t even have enough to ‘cope with day-to-day living expenses’
- There is a £9 trillion sav ings gap that will plague future pensioners for 40 years, according to a new report into retirement savings.
- Meanwhile, latest figures from the Pensions Regulator show a UK funding deficit covering a total of 6,500 schemes of around £150 billion.
- According to Alico you will need a pension of £33,070 a year to live comfortably. This means you would need a pension pot of around £661,400
- This is not taking into account the average cost of care in a home costs around £36,000 a year
- The average pension pot for retiring women is just £9,100 that’s some way short of the £661,400 they need.
The pension crisis is here you can either bury your head in the sand or take action.
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