This year’s Pension Awareness Week is now drawing to a close. Pension Awareness Week is an annual national campaign designed to promote better understanding of pensions and the important role they play in our financial wellbeing in later life.
Findings
Standard Life found that 47% of UK adults are unable to give a figure on how much they have in their pensions. Out of those who actually know their pension amount, 27% are not confident that it is enough to fund the retirement lifestyle they want, and only 21% feel very confident that they have saved enough.
“It’s concerning that nearly half of UK adults can’t estimate their pension savings – especially those nearing or already in retirement. Saving for retirement can feel overwhelming at times, but the more often you interact with your pension the better chance you have of knowing whether you’re on track with your savings or whether you need to take action.” – Dean Butler, Managing Director for Retail Direct at Standard Life
The Government’s Planning and Preparing for Later Life Survey 2024 also discovered that 41% of 40-75 year olds had no idea how much income they would need in retirement and 13% of them had no confidence in their ability to make decisions about their pension savings.
Importance of Pension Awareness Week
Pension Awareness Week serves as an important reminder for us to check our pensions. You can check how much you currently have saved and what you’re currently contributing, and consider whether this will be enough to get you where you want to be when you retire. Reviewing your pension like this can help you decide if you want to make any changes while time is still on your side.
A regulated and qualified financial adviser can help you work out how much you need to save for the lifestyle you want in retirement and how to get there. They can also advise you on the different options available for how to take your pension.
At Red Star Wealth, we have spent over a decade working with individuals and workplaces to offer tailored advice and guidance about pensions and retirement. Need some pensions guidance? Just scroll down for our contact details and send us a message.
For information on more pension-related topics, we also have a range of handy blogs available:
Protecting your Pension from Scammers
Third Review of State Pension Age Underway
How Moving Abroad May Affect Your State Pension