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posted on 25 October 2016

SOS, Extra Savings Needed For An Adequate Pension

by Felix Richter,

-- this post authored by Martin Armstrong

For the average 20 year old in the UK, Aviva forecasts that an extra £1,294 should be saved per year if their pension is to provide a payout big enough to provide an adequate standard of living.

The picture becomes even grimmer as you move up the gears to those currently 50 years old. In this case, £7,414 will be needed to allow a continuation of lifestyle into the years without a regular income from employment. Known as the 'pension savings gap', this £315 billion ($390 billion) black hole is equivalent to 13% of United Kingdom GDP. Despite this, only 17% are thought to set money aside on a regular basis.

This infographic looks at the extra annual savings required to supplement the average pension to an adequate level.

Infographic: SOS! Extra Savings Needed For An Adequate Pension | Statista

You will find more statistics at Statista

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