Poll: Are you saving enough for a comfortable retirement?
Pension savers are closer to creating a comfortable retirement for themselves than at any other time in the last decade, with well over half now deemed to be saving adequately, a report has found.
The annual Scottish Widows Retirement Report found that 56% of over-30s are saving enough for their retirement, which is up from 53% last year and marks the highest level recorded since its records started in 2005.
Despite the improvements, one in five (20%) people are still not saving anything for their retirement, equating to around 6.2 million people across the UK, the report said.
Men are more likely to be saving adequately for their later years, at 60% compared with 52% of women.
The index tracks the percentage of men aged between 30 and 64 and women aged 30 to 59 who are deemed to be saving adequately for their retirement.
Someone is defined as saving adequately if they have a salary of at least £10,000 and are either putting aside at least 12% of their income for their retirement, including any employer contributions, or they expect their main pension to come from a "gold plated" defined benefits scheme which offers a guaranteed level of income, such as a final salary pension.
People classed as adequate savers are still likely to experience a fall in their living standards in retirement compared with when they were working.
The report also found that, on average, savers are finally putting away the amounts they need to for a comfortable old age.
