How well do YOU understand the offside rule in football? Apparently, almost three in five people (59%) can confidently describe football’s offside rule; and more than half (53%) know what VAR (Virtual assistant Referee) stands for.
The same percentage (53%) know that 30 minutes of extra time could be played if the final result of a match is still a draw after the usual 90 minutes.
Unfortunately, the number of us who have a firm grasp on our retirement plans is somewhat less impressive.
Less than half (46%) of UK adults are confident that their retirement plans are on track and this confidence appears to decrease with age – only one in five (18%) 25–34-year-olds say they are ‘very confident’ their retirement plans are on track – this drops dramatically to just 7% of those aged 45-54 years old.
Only two in five (40%) correctly recognised 66 as the age that UK residents are currently eligible to claim the state pension.
The same number – two in five (40%) – correctly recognised 66 as the age that UK residents are currently eligible to claim the state pension. Worryingly, almost two in five (38%) thought they could access the money between 60 – 65 years old.
Know your State Pension
Slightly better was the ratio of people – just under one in four (23%) – correctly identified the value of the full state pension (£221.20 per week). One in five (19%) optimistically predicted that they would be between £20 – £60 better off each week (citing £241.20 – £281.20 as the payment).
It gets worse. A further 18% thought the earliest age they can access their private pension was between 40 and 54 years old – not 55, which is the correct age, and which is to change in the not-too distant future.
Commenting, Alistair McQueen, head of savings & retirement at Aviva said: “Football is our national game. Millions love it. And even those who don’t, seem to have a pretty good understanding of its rules. Sadly, the same cannot be said about our retirement plans.
“Taking some simple steps today can help us take control of our retirement plans and allow us to keep cheering our teams with confidence, for years to come.”
Aviva’s three key retirement planning “rules of thumb” are:
- Aim to begin saving for your retirement at least 40 years before your target retirement age.
- Aim to save at least 12% of your earnings into your pension – and remember this 12% can often include contributions from your employer.
- Aim to have a pension fund worth at least ten times your salary by the time you reach your retirement.
So are YOU on target for your desired retirement income?
Finding that out – and so being able to take early steps to get back on course if not – could not be easier by using your RetireEasy LifePlan. You can then run different scenarios to see how (for instance) your plans would be affected if you saved more each month, were to retire later, receive an inheritance or downsize.
If your subscription has lapsed, you can get it back up and running for just a few pounds a month. If you are new to RetireEasy, why not experience the comforting feeling of knowing precisely how much you can spend in retirement by subscribing.
