Recent developments such as the suspension of the state pension triple lock have shown the potential uncertainties that lie ahead as people plan for their retirement, and emphasised the importance of maximising one’s pension as much as possible.
With the state pension not being enough for the average person to live on, it is vital that future retirees take steps to help boost their private pensions and put themselves in the best position to enjoy retirement.
Research from Scottish Widows has shown that although plenty of people are putting away enough money for a comfortable retirement, there are still many Britons who are falling through the cracks and could be left short.
The 2021 Scottish Widows Retirement Report shows that 61 percent of people are now saving adequately for retirement, putting away the recommended minimum 12 percent into their pensions. However, it seems that the rate of progress has been slowing for some time and is at risk of plateauing, with 19 percent of people still saving nothing at all.