National variations in readiness to retire
THE readiness of households for retirement varies significantly across the UK, analysis has found.
Financial services firm Hargreaves Lansdown looked at Office for National Statistics (ONS) and Government data and found that households in the South East need to save the most over their working lifetime – £411 per month typically – to ensure they reach the same income as pensioners in their region.
At the other end of the spectrum, households in Wales need to put by around £207 per month to ensure parity with their retired neighbours, according to the estimates. The figure for Yorkshire and the Humber came in at £256.
Nathan Long, of Hargreaves Lansdown, said: “The retirement readiness of the UK differs tremendously by region. Working out what you’ve got, when you want to stop work, where you’ll live in retirement and what you’ll need are important first steps in planning for life after work.”