1 in 6 Pensioners Live in Poverty

Saving Early for Your Retirement

What does getting older look like and what does it mean for you now?

On average, men in the UK live until they are 84 and women until they are 86, once they reach 65 years of age.

This means if you retire early at 55, your pension must last around 30 years.

1 in 6 pensioners live in poverty from not having saved enough during their working life.

40% of people over 65 have a long term illness which may prevent them from working.

Over two thirds (69%) of people aged 85 and over in the UK have a disability or limiting longstanding illness.

Health insurance for over 70’s is normally $10,000 per year up.

And here is the good news, 31% of the 80- to 90-year-old men surveyed in England had sexual relations in the last year, compared with 59% of those in the 70-79 age group.

Thanks to an ageing population, those who are now in their 40’s are likely to retire with pensions a third lower than people currently in their 50’s or older due to the death of final salary schemes…. and it gets worse for under 30’s.

Benefits consultant Aon Hewitt says that by age 65 an average full-career worker needs to have banked 11 times annual pay to maintain their standard of living. That means a household earning $75,000 a year would need to have saved $825,000. Work to age 67 and the multiple drops to 9.4 ($705,000); retire at age 62 and the multiple rises to 13.5 ($1 million).

We suggest saving 11 times annual pay or higher, starting your pension as early as possible.

CLICK HERE TO CONTACT AN ADVISER TODAY.

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http://www.aon.com/attachments/human-capital-consulting/The_2012_Real_Deal_Highlights.pdf

http://costprojections.cancer.gov/annual.costs.html

http://citywire.co.uk/money/retiring-in-2035-youll-be-poorest-pensioners-yet/a752641 http://www.theguardian.com/lifeandstyle/2009/jun/11/exercise-over-65