Your money-making expert. Financial journalist, TV and radio personality.
More than three quarters (78%) of UK adults don’t know exactly what they’ll get from their pension when they retire; not only that, but more than half (52%) have no idea how many pension pots they have and could be missing out on retirement riches, according to a new UK-wide survey by MoneyMagpie and PensionBee.
The survey results come at a time the two money-savvy businesses joined together to create a completely free pension guide eBook.
In addition, the survey reveals nearly half of U.K. adults (45%) say they will be relying on a state pension for their retirement.
“Our survey shows that in the UK we need more help to get on top of our retirement savings and make sure we have enough money to fund our golden years. Pensions and investments can seem confusing but they really don’t have to be and we show in our Guide how to build up retirement wealth, step-by-step, even if you’re on a low income. I’m really sorry to see that nearly half of us are planning on relying on the State Pension to keep us going later on as that only covers the basics. I’d like everyone to have enough money to really enjoy themselves and have the freedom to stop working if they want to. Just putting a little more into pensions and investments each month can make all the difference.”
“People move jobs more than ever, so most of us will end up with multiple pensions from previous jobs. The Department for Work and Pensions estimates that the average worker will have 11 jobs in their career, which could mean up to 11 pensions, so it’s crucial not to lose track of your hard-earned savings.
It’s a good habit to consolidate your old workplace pension into your personal pension each time you change jobs so you’ll only ever have one or two pensions to manage. This will give you greater visibility of how your investments are performing and, crucially, what you could expect to receive in retirement. From there you’ll know if you’re on track for a comfortable retirement or if you’ll need to increase your contributions in order to reach your long-term goals.”