A new report by the Organisation for Economic Cooperation and Development (OECD), confirms UK pensioner’s will retire on just 38% of their former salary. Depressing statistics eh?
A full state pension from April 2016 will pay £155.65 a week. That is based on you having made a maximum 35 years of qualifying National Insurance contributions.
Only people living in Chile and Mexico live on less in retirement.
If you have saved for your retirement into a personal pension the report says you will retire on 67% of your former salary.
If you are relying on the state pension your retirement could be bleak.
To find out how much you need to start paying into a private pension please visit our calculator.
Source: OECD
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