Retirement – Britons need ‘less than they think’ in pensions

When Britons make a plan about their retirement goals, It’s important for them to consider all the options that could help them achieve their goal if something unexpected happens.

If the market does not perform well, Mr Shack mentioned other things people could do to reach their retirement goals.

1 By delaying retirement a few years, people could boost their pension pots by thousands.

Standard Life explained understanding how much one may need for their desired lifestyle in old age is key, and it has calculated the impact possible savings of retiring across different ages.

If one built a pot of £203,000 by 60, this would rise to £263,000 if left until they were 65 and £304,000 if left until 68, they showed.

2 Instead of working at a current job for longer, another option is finding sustainable part time work.

Mr Shack explained if both Rosie and Fred could bring in extra money from a part time venture between ages 55 and 60 they could increase their chances of sustaining their pot and having a passive income at £40,000.