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Are You Sleepwalking Into Retirement Poverty ?

last updated: 1 November 2009
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In a week that has seen a call for a rise in the retirement age to 70, new research from Selftrade, the UK’s largest execution-only stockbroker has highlighted the fact that, regardless of the age at which people would like to retire, the vast majority of Britons are sleepwalking into retirement poverty, with the average worker targeting a pension fund that will give them an annual income of less than £7,094.

A probe of more than 2000 adults found that, on average, people think they will be able to retire comfortably at 60 with a pension fund of £199,684. But, for a non-smoker, this will provide an annual income, in addition to the state pension, of just £7,094 for men and £6,573 for women.

This survey also revealed that a staggering one in four people (26%) said they had no idea how much they should be putting aside for their pension, and how much they needed to accrue in order to live comfortably in retirement. And women are significantly less knowledgeable than men when it comes to pensions, with 31% of those surveyed having no idea how much they need to save.

In order to help people better understand their future pension requirements, Selftrade is hosting a number of roadshows. Roadshows will visit Birmingham, Manchester, Leeds and London, and a team of industry experts will answer questions about self invested personal pension plans.

David Jeal, Head of Product Management at Selftrade, says: 'In the current economic climate, where people are faced with some of the lowest interest rates in living memory, now is the time to rethink financial priorities and start taking back control of your finances'.

Road Show Dates

  • Leeds, Royal Armories - 3 November
  • Manchester, Manchester Arts Centre - 4 November
  • Birmingham, The Botanical Gardens - 5 November
  • London, RBS Auditorium, 250 Bishopsgate - 11 November

All seminars start at 6pm.

The pension seminars are free and open to the public. To register, please visit www.selftrade.co.uk/sippex09

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