Jamie Smith: Two thirds of people underestimate how much they will need in their pension pot at retirement
Speaking to Professional Adviser, Jamie Smith, financial adviser at Foster Denovo, highlights the ongoing pension crisis and notes a severe disparity between consumer confidence and the reality of what their pensions would be worth.
According to recent research carried out by Foster Denovo, one third of consumers were not aware of the current value of their pensions, but close to two thirds (64%) still believed they had enough to retire on.
With 60% of people surveyed saying that running out of money is their biggest concern in retirement, it is vital that people understand how much their pensions are worth to ensure they are able to retire comfortably, instead of living in the fear of running out of money.
Read the full article on the Pension Adviser.