Are you convinced that your pensions will last? Half of more than 55s ensure that they no longer have cash

Half of the 55s are worried that their pension savings do not last before they die, reveal new research.

A little more than a quarter believe that they have saved enough to retire them, while the rest does not know, according to the Oxford Risk survey.

The study revealed a high degree of uncertainty about how you can pay old age, although almost a third of the respondents had a definitive salary pension.

These offer a guaranteed income from retirement until you die, but they have almost completely been reduced in recent decades if you work in the private sector.

Outside the public sector, an increasing number of employees will probably only have small last salary pensions from early in their career, which would generate insufficient income to cover their needs without other savings, or none at all.

> What to do if you are afraid that your pension will fall short: Discover below

Dr. Greg B Davies: Consider all your options – drawdown, annuities or a mix of both – and factor in tax implications.

About 50 percent of the more than 55s investigated said they had modern defined contribution pensions, which have contributions from both employer and employee and invest them to offer a pot of money in retirement.

But these are more yellow and savers bear the investment risk instead of employers during working years.

Most continue to continue with defined contribution pots through retirement, instead of buying a guaranteed income through an annuity, with the risk that they can walk dry.

Oxford Risk asked people if they felt at ease with the risk accompanied by the fact that their pension had invested in the stock market after retirement and received a mixed reaction.

About 31 percent were relaxed about the idea, but 34 percent were not and 35 percent didn’t know it.

In the meantime, about 70 percent of the 55s said they would receive a state pension or would already do this, which offers £ 11,500 a year in the current full rate until you die.

The percentage with a state pension can actually be higher, because some younger employees cannot know that they automatically contribute to a contribution from national insurance policies deducted from their salary.

But the study showed that 86 percent thought it was important to have extra sources of income in retirement next to the state pension.

About 20 percent of the surveyed more than 55s said they had a SIPP (Self -Invest Personal Pension), and Oxford Risk said that this group showed the most financial comfort with how they intend to finance retirement.

The company, which specializes in behavioral financing and related technology, thought that 12 percent was sufficiently worried about their finances in retirement that they thought they might have trust their children for support.

However, 67 percent were not worried about this, while 21 percent didn’t know.

Only 5 percent of the respondents said they had no pensions at all.

Oxford Risk has investigated just over 1,000 people older than 55, who were weighed to be representative of the adult population of Great Britain.

Dr. Greg B Davies, head of behavioral financing at Oxford Risk, says: ‘People who are retiring are confronted with a series of critical decisions that will form their lifelong financial well -being, and it is clear that many feel confused and insecure about their options.

“The greatest care for many is to ensure that their savings will last during their retirement.”

Five tips if you are worried about pension savings

Davies offers the following tips to people who are worried about their savings.

1. Understand what you have: Make the balance of all your pension pots, savings and the state pension. Knowing what you have and how it matches your goals is the key to building a safe pension plan.

2. Bring certainty, growth and protection in balance: Choose an investment strategy with a risk level that meets your needs and takes sufficient health and life insurance into account.

These safety nets can offer the confidence to invest and to spend wisely in retirement.

3. Be invested: Leaving Surplus in cash inactive can be around 5 percent or more annually costs during the long term in the event of lost return.

Start early and take steps to overcome the behavioral barriers for investing – it is worth it in the long term.

4. Stay invested: Avoid emotional decisions and resist the urge to interfere with your investments. Staying the course is essential for achieving long -term growth.

5. Explore pension strategies: Consider all your options – pull, annuities or a mix of both – and factor in tax implications.

Personalized advice can help you make the best choice for your circumstances.

How to find out your pension if you are afraid the shortage will fall

1. If you are worried about whether you have saved enough, Investigate your existing pensions. Broadly speaking, you must ask schedules the following questions.

– The current fund value.

– The current transfer value – because there may be a fine to move.

– Whether the pension is in a final salary or a defined contribution schedule. Defined contribution Pensions take contributions from both employer and employee and invest them to offer a pot of money when retirement.

More generous defined benefit – career average or final salary – pensions, offer a guaranteed income after retirement until you die.

– If there are guarantees – for example a guaranteed annuity percentage – and if you lose them if you move the fund.

– The pension projection at retirement age. You can use a pension calculator to see if you have enough – these are available online on a large scale.

2. You must add the prediction figures to what you expect to get in state pension, which is currently £ 221.20 a week or around £ 11,500 per year if you qualify for the complete new rate. Get a state pension prediction here.

3. If you are tempted to merge your old pensions, first read our guide to ensure that you are not punished.

4. If you have lost sight of old pots, the The free pension advisory service of the government is here. Our pension columnist, Steve Webb, has a guide for finding lost pensions.

Beware if you perform an online search for the Pension Tracing Service, so that many companies that use similar names appear in the results.

These will also offer to search for your pension, but try to charge or scour other services and can be fraudulent.

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