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Workers saving more to meet retirement goals

Nearly three quarters (72%) of workplace savers are expressing an interest in personalising their pension to suit retirement needs.

Out of 672 people surveyed by Aegon, 71% would make more proactive choices to support their retirement goals instead of accepting default auto-enrolment options made on their behalf.

When it came to retiring, almost 4 in 10 employees (38%) expected to be working beyond the state pension age of 65.

Among recent retirees, 29% would select an income drawdown option for flexible income while 15% would opt for an annuity.

Among those on workplace pension schemes:

  • 62% are saving more than the minimum contribution (1% of salary)
  • 44% increased their contribution if their employer was willing to match it
  • 30% said minimum contribution was not enough to secure a meaningful pension.

Steven Cameron, director of pensions at Aegon, said:

“It’s great to see that many appreciate they don’t have to take a one-size-fits-all approach to pensions and making choices more suited to their individual circumstances will help give them the retirement they aspire to.

“However, there is a risk individuals just go along with the ‘default’ contribution levels and investment funds and assume they’ll work until state pension age.”

Contact us today to discuss retirement planning.