News Column

Saturday Money: Professionals 'in the dark'

May 10, 2014

Rupert Jones

More than two-thirds of Britain's professionals are in the dark about how much income their pension arrangements will generate, according to a new survey of doctors, dentists, lawyers and teachers.

Respondents typically thought they would need pounds 39,350 a year in retirement - way above the average pension income of pounds 14,376, financial services provider Wesleyan Assurance Society found. Only 27% were relying just on a pension for retirement income, with more than half planning to use property to supplement their finances.

Some 61% of those quizzed were worried they wouldn't have enough money for a comfortable retirement. Meanwhile, only 27% said they were planning to retire early - down from 34% in 2011 - and more than a quarter (26%) felt they would have to work past retirement age. Almost half (46%) review their retirement planning less than once a year.

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Source: Guardian (UK)

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