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Two pieces of research have again highlighted consumer confusion and concerns around pension provision and thereby the necessity for people to take control of their retirement planning.

State pension overestimated. Firstly, a survey by Which?^ found that three in ten people overestimate their future state pension income, some by almost £50,000 throughout their retirement. There was also confusion about when people receive their pension, with only three in ten correctly identifying the current state pension age.

The research, therefore, vividly highlights worrying gaps in the nation’s pensions knowledge, and the consumer champion believes more needs to be done to improve understanding and engagement to put people in a position to plan for retirement successfully.

Key concern: Funding retirement
Other research* revealed that retirement remains the most prominent financial worry across the UK workforce. In total, a third of employees said that funding retirement was their principal money concern; the second successive year, this issue has topped the poll.

The research noted that a lack of engagement with later life finances was a critical problem for employees and is concerned it remains such a big issue. This concern relates to finances and the impact such worries have on employees’ general well-being.

Take control.
While funding retirement certainly presents a challenge to us all, the key to success is undoubtedly careful planning and seeking expert advice. It’s vital to fully understand the unique circumstances and options relating to your retirement finances, as that knowledge gives you power.

So, don’t spend time worrying: get in touch with us on 0161 413 7051 or visit our Retirement Planning service, and we’ll help you take control of your retirement.

^Which?, 2021, *Close Brothers, 2019