The Guardian have recently published a very interesting article based on a study by Aviva.
In summary, the article points out that millions of people who are earning the ‘average wage’ of £27,500 will have a pension pot that will provide them with less than £15,000 pa – the current living wage.
Oakworth see clients from all walks of life, but a common denominator is a lack of understanding between the value of a pension pot and the income it can produce.
Income calculations need to be a balance between risk, income requirements and longevity. Advisers at Oakworth are trained to work with clients to find the best longer term outcomes for their retirement.
Saving more throughout your working life should be the number one course of action, but properly planning your retirement strategy will allow you to fully utilise your pension in the most efficient way possible.