Are Brits Ready for Retirement?

READY FOR RETIREMENT? Average Briton's retirement UK "worst in world" at saving for retirement savings will last just 7yrs The average person in Britain spends 19 years in retirement, but only saves enough to last 37% of this period. By contrast, Malaysians put enough money away to fund 71% of their retirement. Average retirement savings Recommended retirement savings £53,000 £123,000 Only 40% of households have planned financially for their future and nearly one in five people do not know what their main source of retirement income will be. If you're aged 35 now and plan to retire at 65, you will need to save at least €200 a month to guarantee an extremely modest annual income of €7,000 in retirement. Retirement savings shortfall by country UK: 12 year retirement savings shortfall 56% On average globally people are storing up enough to pay for 56 per cent of their retirement which is an average of 18 years, leaving an eight year shortfall. CANADA: 8 year retirement savings shortfall MALAYSIA: 5 year retirement savings shortfall Funding the lifestyle you want £1,800 £2,000 £1,500 £5,650 Weekly dinner / drinks with friends. 2 week holiday each Shopping trips for you and your family. A car plus 5-yearly upgrades. year. £23,827.50 That's how much you'll need after tax each year to have all these things plus a basic £10k income. Data sources: http://www.moneymarketing.co.uk/pensions/hsbc-uk-worst-in-the-world-at-saving-for- retirement/1066367.article http://www.standardlife.co.uk/1/site/uk/financial-education/retirement-planning/retirement-income http://citywire.co.uk/money/we-are-nowhere-near-rich-enough-for-retireme 94867 Piktochart