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Confused by Your Retirement Plan? You’re Not Alone

by Guest on November 27, 2012

Retirement plans are confusing the world over! Recent research shows that the British public are confused by them too, confirming the idea that wherever you live, pensions are difficult. However, this is no reason for apathy! Find out all you can and start your retirement plan as soon as possible to ensure a comfortable future.

Avoiding Retirement Talk

The Department of Work and Pensions of the British government conducted some research into the way that their public feels about their pension schemes and found that they felt it was too complex. Their Annual ‘Attitudes to Pensions’, which interviewed 2,000 people, found that sixty percent said that they do not know enough about pensions to decide which one they should have and forty percent have no idea what their income will be when they eventually do retire.

Gender and Age

Four in ten people between the ages of 18-24 actively avoid thinking about retirement and a fifth of all people with no pensions gave the excuse that it is “just too early to start” thinking about their retirement. Not surprisingly, according to this survey older women are most at risk of getting into trouble with regards to pension. The survey found that they were less likely than men to have any savings for later in life, and that over half of them said they were not confident about when they would receive their state pension.

Automatic Enrollment

In an attempt to make it simpler and clearer, the British government have recently launched a flagship scheme where companies are obliged to enroll all their staff on a pension plan. Although staff can opt out, the government is hoping that this will help the British public save for their pensions or at least help them to think about it. Seven out of ten people surveyed said that they would stay in a retirement plan if they were automatically enrolled in one.

Comparison Sites

There are a few pension comparison sites out there, but they need detailed information so you can get an accurate quote from the different private pension companies. However, it is a very useful tool so you can compare which scheme would be best or even just to get you or a loved one thinking about that stage of your life and how the way you live now can affect your future. Browse online and get advice on pension review from Pensionlite.

The Advice

The message is the same whether you’re British or an American citizen, the earlier you start planning for your pension and the more information you know about them, the better quality of life you’ll have when you can’t, or don’t want to, work anymore. So delve in and try to find out as much as you can about what options are available to you and start saving for your future today.

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