{"id":97076,"date":"2025-05-13T04:03:11","date_gmt":"2025-05-13T04:03:11","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/97076\/"},"modified":"2025-05-13T04:03:11","modified_gmt":"2025-05-13T04:03:11","slug":"britons-urged-to-get-mid-retirement-mot-as-private-savings-may-not-be-enough","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/97076\/","title":{"rendered":"Britons urged to get ‘mid-retirement MOT’ as private savings may not be enough"},"content":{"rendered":"

Britons are becoming increasingly reliant on the state pension to fund their retirement as savings<\/a> concerns grow, according to new research.<\/p>\n

Less than half of people aged 65 to 75 in the UK are confident their private pension savings will last for the rest of their post-work lives.<\/p>\n

This study, conducted by Aviva and Age UK, reveals growing concerns among future retirees about their financial security in later life.<\/p>\n

The survey included 1,000 people aged 65 to 75 with moderate retirement incomes<\/a>, excluding those solely on state pensions or with annual household incomes exceeding \u00a320,000 from defined benefit pensions.<\/p>\n

\"DWP\"\/<\/p>\n

The state pension is administered by the DWP<\/p>\n

GETTY<\/p>\n

Conducted by consultancy Ignition House in October and November 2024, the research specifically targeted individuals who do not pay for financial advice.<\/p>\n

The survey revealed that 83 per cent of respondents said an income for life from their private pension savings has become more important as they age.<\/p>\n

The same proportion would be worried if their retirement income fell, with women more likely to feel this way than men (87 per cent compared with 79 per cent).<\/p>\n

Two-thirds (65 per cent) of those surveyed believe there is not enough support for people managing their financial needs as they age.<\/p>\n

Do you have a money story you\u2019d like to share? Get in touch by emailing money@gbnews.uk.<\/a><\/strong><\/p>\n

Aviva and Age UK said the research highlights the “pressing need” for regular financial reviews within retirement. They proposed a “mid-retirement MOT” to offer pensioners guidance while in retirement.<\/p>\n

This financial and lifestyle review could include conversations about estate planning, fraud protection, access to state benefits, and managing finances if cognitive decline begins.<\/p>\n

Over-50s can currently access free guidance from the Government-backed Pension Wise service.<\/p>\n

Doug Brown, chief executive of insurance, wealth and retirement at Aviva, said: “Pensioners today clearly value financial security, but many seem to be sleepwalking into later retirement with a set and forget approach to their retirement income.”<\/p>\n

Paul Farmer, Age UK’s chief executive, said: “We frequently hear from struggling pensioners, many of whom have a small private pension of their own, about how tough they have found the last few years.<\/p>\n

“Managing your pension and other finances becomes harder as you get older especially where people have suffered a major life-change like a bereavement or a dementia diagnosis.”<\/p>\n

Farmer emphasised that the mid-70s often represents a critical juncture for pensioners.<\/p>\n

“The mid-70s is often a point where people need to take stock and think through their options,” he noted.<\/p>\n

LATES DEVELOPMENTS:<\/strong><\/p>\n

\"Pensioner<\/p>\n

Britons are unaware of how far the state pension will go in retirement <\/p>\n

GETTY<\/p>\n

Despite the state pension, research suggests a widespread lack of awareness around the retirement benefit.<\/p>\n

Adults unsure of how much they will receive and when they will start receiving it, according to new researchfrom Standard Life\u2019s Retirement Voicereport.<\/p>\n

As the full new state pension rises to almost \u00a312,000 a year, half of British adults are unaware of how much they will receive from their state pension, including 31 per cent of those nearing retirement, aged 55-64.<\/p>\n

Furthermore, nearly a third of UK adults (32 per cent) and 12 per cent of 55 to 64-year-olds do not know the age at which they\u2019ll qualify for the state pension age.<\/p>\n","protected":false},"excerpt":{"rendered":"Britons are becoming increasingly reliant on the state pension to fund their retirement as savings concerns grow, according…\n","protected":false},"author":2,"featured_media":97077,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,474,1232,617,2499,3028,512,1786,16,15],"class_list":{"0":"post-97076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-money","11":"tag-pensions","12":"tag-personal-finance","13":"tag-savings","14":"tag-sgg","15":"tag-state-pension","16":"tag-uk","17":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114498542239435529","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/97076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=97076"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/97076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/97077"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=97076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=97076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=97076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}