A new survey has found that nearly three in 10 (29 per cent) people have no idea how much money they need for retirement. With pensions minister Torsten Bell stating that people should grow their pensions like they would vegetables in their gardens, Ed Wood, financial planning director at Rathbones, agrees that pension savers should strive to regularly check on their retirement fund.
He said: “Just as a gardener periodically checks on their plants, pension savers should regularly review their retirement savings. Too many people are effectively growing a pension they know very little about.
“What we hear time and again from clients is that the challenge isn’t just building retirement savings, it’s understanding whether those savings will deliver the retirement they actually want. Many people aren’t short of questions: ‘Am I on track?’, ‘Will I have enough income?’ and ‘How do I turn my pension into a sustainable retirement plan?’.
“The key is not perfection, but engagement. Small, consistent actions over time can make a big difference to retirement outcomes and help people approach later life with greater confidence.”
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