Experts have revealed that there are number of people approaching retirement who have ‘insufficient’ pension funds that may not be enough to keep people in the lifestyle they have come accustomed to.
Keith Churchouse, director of Churchouse Financial Planning commented that a substantial number of pensioners are likely to find the value of their pension ‘insufficient’. These people have been coined the ‘baby boomers’ due to the time when they were born. Many of these people may find their pension income less than comfortable as they either do not have the luxury of a final salary scheme or they failed to start saving early enough for retirement.
Mr Churchouse said that…”…we’re certainly seeing many people coming through in retirement now who are finding the level of pension that they will get extremely disappointing.” The problem is exacerbated by increasing levels of life expectancy and lower rates for pension annuities.
The National Association of Pension Funds recently found that barely one third of people thought their pension would leave them with enough money in retirement.
