Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “The big concern is that people think that auto-enrolment minimum contributions are set at a level that ensure you will have enough saved for retirement, but this is not the case.
“The HL Savings and Resilience Barometer has showed that higher earners in particular are at risk of undersaving and not having a lifestyle in retirement that looks like what they enjoyed when they worked.
“It’s hugely important that people think about what they want their retirement to look like so they have an idea of how much it might cost.
“They can then use tools like online calculators to see what they are on track for. This will either give them the confidence of knowing they are on track or the time to put a plan in place if they aren’t.
“Taking small steps such as boosting contributions every time you get a pay rise can make a big difference.
“It’s also well worth checking to see if you are one of the many people who have lost track of a pension pot during your career. If you think you have, then contact the government’s Pension Tracing Service.
“All you need is either the name of the employer or the pension provider and they will give you contact details.
“You could find a pot worth thousands that could make a big difference to how you manage in retirement.”
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