Young risk head­ing for cash short­falls

Kent Messenger Maidstone - West Kent Property - - BEAUTIFULHOMES -

Seven in 10 young pen­sion savers risk head­ing for a cash short­fall in their re­tire­ment, a re­port warns.

Peo­ple aged 22 to 29 years old typ­i­cally ex­pect to need an an­nual in­come of just over £23,000 for a com­fort­able re­tire­ment, a sur­vey from Scot­tish Wi­d­ows found.

But based on the amounts peo­ple in this age group said they were sav­ing, the in­surer cal­cu­lated they could face an av­er­age short­fall of around £8,000 per year, as they could typ­i­cally ex­pect to end up with a yearly in­come of £15,200.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.