Around one in three adults may struggle to make ends meet in retirement, a pensions company has warned.
Research from Scottish Widows has claimed some 35% of adults currently aged 22 to 65 risk having"less than the minimum needed" to pay for essentials when they retire.
It predicted many will still be paying rent in retirement and said that pressure on workers had only"intensified" due to inflation and rising interest rates this year. This warning comes amid fears that many are not saving enough for later life, despite measures such as the introduction of auto-enrolment in workplace pension schemes,Alongside this, the Department for Work and Pensions is urging all current pensioners to carry out a check and see if they are eligible forAround 35 per cent of adults risk having less than the minimum needed to pay for essentials in retirementThe research found that the average man is set to receive £19,000 in income per...
Pete Glancy, head of policy at Scottish Widows, said:"Our new national retirement forecast paints a stark picture - one in three of us are facing the harsh reality of a"Last year's retirement report highlighted the impacts of the pandemic, cost of living and wage stagnation. This year the pressure seems to have intensified due to increasing inflation and interest rates continuing to climb.
It estimated that 36% of adults are likely to have a"comfortable" lifestyle, with enough cash to pay for luxuries such as holidays, while the remaining 11% are on track to experience a"moderate" living situation inMeanwhile, 18% of adults are on course for a"minimum" lifestyle when they stop working, which will just about cover basics such as bills while leaving them with some money left over.has transformed pension saving with more than 10.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ken Bruce's PopMaster TV sends More4's ratings soaring 500%📈 The launch of Ken Bruce’s PopMaster TV is a ratings hit for More4 The quiz’s successful TV transfer will cause agony at the BBC, writes adamsherwin10, which declined Ken Bruce’s offer to trademark the feature
Read more »
Millions on Universal Credit to receive £522 boost from todayMillions of working families on Universal Credit will receive a £522 monthly boost from today.
Read more »
DWP lists those eligible for cost of living paymentsOver six million disability benefit claimants have received the cost of living payment from the DWP
Read more »
DWP changes to Universal Credit childcare payments come in this weekDWP changes to Universal Credit childcare payments come in this week - with some families eligible for £500 boost
Read more »
Major change as DWP to close 36 job centres - see the full listDOZENS of Jobcentres will shut for good in months, affecting thousands of households on benefits. The Department for Work and Pensions (DWP) is closing a further 36 Jobcentres as it looks to shrink…
Read more »
DWP £300 benefits, cost of living payments, and pensions to arriveA number of initiatives are in place to help with the cost of living crisis
Read more »