38% are not confident about their ability to retire comfortably

Steven Cameron ability to retire comfortably

More than a third (38%) of respondents are not confident about their ability to retire comfortably, according to research by pension and investment organisation Aegon.

It’s The Aegon retirement confidence survey, which polled 946 individuals, also found that 26% of respondents do not know how much they have in their pension savings; this figure rises to 38% for respondents aged 65 and over.

The research also found:

  • 13% of respondents do not have any pension savings.
  • 36% of respondents have never estimated their income needs for retirement.
  • 17% of respondents aged between 55 and 64 have more than £300,000 in their pension savings.

Steven Cameron (pictured), pensions director at Aegon, said: “These figures should set alarm bells ringing. Despite the introduction of auto-enrolment, there are still many individuals who are entirely unprepared for retirement.

“Many people may put off finding out how much they have saved, fearing it will be less than they’d hoped or will need. But however unsettling, the earlier [employees] carry out a reality check, the more chance [they] have of doing something to get back on track. It’s worrying to see that many approaching retirement age don’t know how much they have saved for retirement and only one in five are on track to maintain their lifestyle.”