What do our Silversurfers know about Pensions?
Some surprising results – Barometer Survey shows that many of our Silversurfers community are baffled by pensions.
Pensions … not something many of us find particularly interesting. But, it’s important that we’re all up to speed with what we are entitled to. Also, for those of us approaching retirement, it’s important to make sure we are planning for the future. That’s why we ran our Retirement and Pensions survey to find out what you think about pensions and also to provide some useful information for you on our website.
So first of all, a big thank you to our Silversurfers who participated in the survey of which 57% are retired and 43% are not yet retired.
Do you know what’s going on with pensions?
With all the pension changes which have been introduced recently we wanted to find out if the government’s communications have been effective. So we asked if you knew at what age you would receive the State Pension. Worryingly 22% of you approaching retirement did not know the correct answer! So the government is not making things clear enough for us. And even though the government has been trying to tell us about changes, 72% of you don’t remember seeing any information about the changes.
Will your pension be enough?
Those of you who are already retired told us that most of you are funding your retirement with the State Pension (71%) and/or a Private Pension (77%) and we were pleased to see that more than half of you feel comfortable financially. Worryingly, 29% told us that you are OK, but struggling to make ends meet and 15% saying that you are struggling and need financial help. Some of you who are parents are worrying about not leaving an inheritance (14%) and nearly 30% of you are worrying about not being able to pay your bills.
For those of you approaching retirement, even though many of you have a private pension that you and your employer have contributed to, 45% of you do not know how much you will receive each month from your pensions savings. Many of you (54%) said you’d like to retire at 60, but 63% of you realise that you won’t have enough money to retire when you would like to.
We wonder if there is so much uncertainty about the facts because most of you (73%) have never taken pensions advice. Reassuringly, 60% of you who have taken advice found it worthwhile. Also, some of you are aware of the free Government online tools you can use to help with planning for retirement, for example 45% of you knew about getting an online pension statement.
We’re going to help
We asked if you were worried about retirement and nearly 50% said you were extremely or very worried. This is awful! It has made us sit up and think how we can help you.
The Silversurfers team has decided that we need to provide some clear and understandable information about pensions. So we have discussed this with the Department of Works and Pensions and we will work with them to provide you with much clearer information and facts, all in one place. We don’t like our Silversurfers friends being worried or confused. We will be in touch when we have updated our Pension advice pages.
Latest posts by Sally - Silversurfer's Editor (see all)
- Are M&S right to sue Aldi over Cuthbert the copycat of Colin the Caterpillar? - April 17, 2021
- Support plants for a lifetime with mycorrhizal fungi - April 16, 2021
- How to lower your blood pressure and cholesterol - April 16, 2021
- Discover the freedom of the forest - April 15, 2021
- Brexit, current travel restrictions & reasons why now is the best time to invest in a UK holiday home - April 15, 2021
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!