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Pension savers admit retirement envy

Pension savers

Pension savers in their final years of work are worried they won’t be able to match the living standards of those already in retirement, according to new research from Prudential.

The provider of retirement and savings solutions found that 50% of those who were in the final 10 years of work before their planned retirement date admitted to being jealous of the finances of those who had already stopped working.

A further 54% felt that they would be worse off when they eventually retired. 

Prudential found that 27% of respondents had been saving into a pension since they started work, but 16% admitted they were not saving into a pension at all.

“We’ve seen the retirement incomes of new retirees creeping upwards in the last few years, so it’s not all bad news for those planning to give up work in the coming years,” said Stan Russell, a retirement expert at Prudential.  

“However, we are also seeing it become far less common for people to retire with generous ‘final-salary’ pensions, so a degree of retirement envy among those still at work is understandable.”

Of those surveyed, 63% said the best advice they could give to those just starting work was to save as much as they could for as long as they could.

Meanwhile, 34% said they now regretted that they did not start saving into a pension earlier in their own working life. 

“It is important to remember that for most people it isn’t too late to take action and make a real difference to their quality of life when the time comes to stop work,” added Stan. 

“So even later in their working life most, people should benefit from saving as much as possible into their pensions and also ensuring the national insurance contributions they have made are sufficient to guarantee them the state pension. 

“Pension saving and retirement planning has changed massively over the past 10 years, and retirement is now more of a process than a one-off event. 

“A consultation with a professional financial adviser should help many people make the right decisions about saving while they work and taking an income as they start to wind down.”

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