How are you financing your retirement?

Almost 79% of those with workplace pensions would welcome increasing their savings alongside employer contributions, research by Ipsos Mori has found.

This finding follows calls to raise the minimum automatic-enrolment (AE) contribution levels.

Scottish Widows called for a 12% minimum contribution by 2020, while Aviva said it wanted a 12.5% by 2028, arguing raising the minimum contribution levels would be a positive step towards helping more people save for retirement.

The poll also found the vast majority (83%) of employees now see saving through a workplace pension as a “routine” undertaking, and four-fifths (80%) are positive about the benefits of being auto-enrolled.

There are now 8.3 million people automatically enrolled into a workplace pension across 700,000 employers, with opt-out rates of less than 10%, according to The Pensions Regulator.

Secretary of state for work and pensions David Gauke said: “I want Britain to be the best country in the world in which to grow old and for people to feel prepared and confident about their retirement. For this to happen we must help young workers plan ahead, whilst managing the competing demands of day-to-day life.

“Automatic enrolment has been a huge success, helping millions more people save into a workplace pension. These figures underline the fact that saving for a pension has become the new normal with people from all walks of life embracing it. A private pension should not be a privilege, it should be something that the vast majority can work towards to complement the state pension in later life.”

So how are you financing your retirement? Are you saving enough to finance your own plans and ambitions for the future?

Should you need advice please contact our office for a free initial consultation.