Two in three retiring this year will run out of money, report warns
Hundreds of thousands will end up relying on state in later life
21 April 2021 • 6:00am
Two thirds of those retiring in 2021 have failed to save enough and have a high chance of running out of cash, research has shown.
Hundreds of thousands of workers do not have a pot big enough to fund an annual income of £21,000, even when combined with the state pension, according to a report from Standard Life Aberdeen, a pension provider.
Savers need a nest egg of £390,000 to reliably receive £21,000 per a year, the average amount pensioners expect to spend, for thirty years. However, two in three has saved less than this.
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The DOL s Employee Benefits Security Administration
( EBSA ) provided new guidance for plan sponsors,
fiduciaries, participants and record-keepers concerning best
practices for managing cybersecurity. This is the first time the
EBSA has provided cybersecurity guidance. (See also GAO retirement
plan guidance issued in February 2021: Defined Contribution Plans: Federal Guidance Could
Help Mitigate Cybersecurity Risks in 401(k) and Other Retirement
Plans ).
The DOL asserted that plan participants and plan assets may be at risk from both internal and external cybersecurity
threats, and that ERISA requires plan fiduciaries to
Where Should I Retire? The Best And Worst States In The US forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
£1.8m lost to pension scams this year so far - eight ways to protect your future
There has been an increase of 45% in pension scams over the first three months of 2021.
Scammers are targeting pension savers with increased reports of fraud in 2021 (Image: Getty Images)
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