What is the average works pension

Your brochure is on its way. We hope you find this useful. How much should an average retirement income be? Retirement incomes are on the up As illustrated by the chart below, the average retirement income in the UK has steadily increased over the past five years.

Know your starting point Take a close look at your savings and investments. Consider staying invested in retirement More and more investors are keeping their pension savings in income drawdown well into retirement rather than locking into an annuity.

Seek help from an expert If all of this feels rather daunting, be sure to seek help from an expert. Log in to your account Sanlam Connect. Our holistic wealth management centre, for clients using our portfolio management services. Valuation information for advisers and clients with investment accounts other tax efficient wrappers. Online valuations, documents and secure messaging for clients using our financial planning services.

Real-time information and valuations for advisers with clients using our investment services. We surveyed 2, people from across the UK to find out how attitudes towards saving for retirement might have changed since March We've shown results by generation and region to gain a better understanding of how people may be impacted differently.

This means as many as The average length of the expected delay is 18 months, however this does vary amongst each generation. Generation X expects a delay of 17 months, compared to 20 months for Millennials, and 24 months for Generation Z.

In addition to intergenerational differences, disparities in retirement timelines can be seen across various industries.

Those working in Sales, Media and Marketing fear they will have to work an extra 30 months compared to their counterparts — higher than any other industry.

The second hardest hit industry was Art and Culture, one of the industries most discussed in the media due to limited help offered by the government. Those who work in theatres, museums, cinemas and galleries—along with tens of thousands of entertainers—fear they will have to delay their retirement by 29 months.

The third longest delay was for those who work in IT and Telecommunications at 28 months, followed by the Legal profession at 25 months, and Architecture, Engineering and Building at 24 months. Each of these industries were affected by the first lockdown, but have since been able to operate as usual, with the legal profession in particular, facing significant backlogs in cases. For those who work in healthcare, there was no other choice than to keep operating at such a crucial time.

This industry expects the shortest retirement delays, but it is still forecasting an additional 12 months of work. Where does retirement income come from? Social Security is a major source of income for many retired Americans. How much retirement income do you actually need? There are a handful of questions you can ask yourself to help you get a good idea of how much your retirement expenses will be and what you'll need to live comfortably: What is your current monthly take-home pay?

What expenses, such as health insurance, will you have to pay out-of-pocket once you are retired? What are your extra costs such as vacation travel? Do you have expenses that will decrease in retirement such as commuting or the cost of work clothes, for example.

Keep in mind that your payroll taxes will be eliminated totally if you are no longer working, so that's another expense you won't have to cover. Additional retirement income sources There are other options available that are designed to boost your savings and ultimately your retirement income, such as annuities, which can be a smart solution to help meet your retirement needs.

Retirement planning advice to avoid Learn more. Automate your savings Learn more. What should I do with my k plan when I change jobs? Learn more. Securities offered by Investment Distributors, Inc. All companies located in Birmingham, AL. Annuities are intended as vehicles for long-term retirement planning, which is why withdrawals reduce an annuity's remaining death benefit, contract value, cash surrender value and future earnings.

Our members tend to spend relatively less on food and drink, housing payments and recreation as they get older, but more on utility bills, health, and insurance premiums. The charts below show annual spending for a single person and retired couples by different categories.

It's important to think about your pension income in building blocks - first with the state pension, then with your private or workplace pension savings, and then with any other additional income you might get, from investments or property. Once you reach state retirement age, currently 66 for men and women, the government will provide a sizable chunk of your post-retirement money. You can find out why in our guide to how much state pension will I get? How much extra income you need to generate from your private pension savings will depend on the type of private pension you have.

Defined benefit and final salary pensions pay you a regular monthly income - how much you get is based on your earnings while you were working. If you have one or more of these, you should receive annual updates telling you how much you can expect to get. Adding that to your state pension which you can find out by getting a state pension forecast will help you understand how much you've got to play with in retirement.

A money purchase, or defined contribution, pension sees you invest your pension contributions into a big pot. When you come to retire, you have to decide how to generate an income from it. Most people with these pensions will opt for income drawdown or an annuity , or a combination of both when it comes taking money out of their pension. If this is you, how much will you need in your pension pot to have enough in retirement?

We've crunched the numbers. The projections contain some quite scary numbers, although saving a few hundred pounds per month from your mids is obviously more palatable than having to find much more if you leave your retirement saving until later in life. Your monthly income should rise as you move through the decades and if you are in a company pension scheme, your employer will be contributing some towards your target amount.