Many expect pension at 59, study shows

Tue, 17 Jul 2007

A large number of Britons expect to have made adequate pension savings to retire at the age of 59, new research has found.

A study conducted by The Motley Fool found that the majority of UK residents expect to be calling time on their working lives by this point, with pension pots of about £650,000 tucked away.

According to data provided by the finance expert, a pension pot of £750,000 requires that 20-year-olds contribute £200 per month to their savings. 30-year olds who have not been doing so would need to contribute £340 per month.

David Kuo, head of personal finance at Fool.co.uk, commented: "Retirement is not just about the age when you take the longest coffee break imaginable - it is also about the type of coffee you can afford to drink."

He added that while a pension pot of £750,000 may be a large sum for Britons to squirrel away from the "wine and pate" retirement, it is "not unattainable".

Alastair Mathews, the director of policy at the Personal Finance Education Group, recently said that pension education in schools could be key to helping youngsters secure a better retirement income.


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