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.
For bespoke pension advice on your retirement contact Credencis.
We are situated between Derby and Nottingham and visit clients nationwide.
“Live for today, Invest for tomorrow”