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One in five Britons ‘will never retire fully’

Recent research has suggested that as many as one in five UK workers may never be able to retire fully, as a result of the rising cost of living.

The Future of Retirement study reveals that in the face of high housing, energy and travel costs, many individuals are not currently able to make a sufficient contribution to their retirement fund, with some making no contribution whatsoever.

Responding to the news, Gillian Guy of Citizens Advice said, ‘The current rhetoric around pensioner privileges has sidelined the problem of pensioner poverty which is a real issue in many retired households’.

Under new rules, which are being phased in over the coming years, employers will be required to enrol all eligible members of staff into a workplace pension scheme, unless they choose to opt out.

Effective tax and financial planning can play a key role in ensuring that you can achieve a comfortable retirement when the time comes. Please contact us for further information.