Foster Denovo research: Savers are underestimating the amount they will need to retire comfortably by £100,000
In a survey of 2,000 people carried out by Foster Denovo, 64% of respondents believe they will have enough to retire on with an average amount of £125,700. However, previous research by consumer group Which? estimated that for a comfortable lifestyle savers would need £215,450 in their pension pot.
Jamie Smith, financial adviser, Foster Denovo, said: “What is concerning is that despite this disparity, confidence of being on track is still very high.”
He added, “It is important to not make knee jerk reactions, but instead follow the right advice and guidance to put in long-term plans to achieve realistic and properly informed goals.”
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