Will your pension even match the £11,574 a year minimum wage? And what you need to save for a retirement income equal to the average salary
New research from financial education initiative RedSTART shows that workers could end up with pensions that fall woefully short of the minimum wage – unless they save early and regularly. RedSTART, an offshoot of investment consultancy Redington, has calculated what you would have save in your 30s, 40s, 50s and 60s to achieve equivalent income levels in retirement. The figures highlight that simply relying on the Government’s auto-enrolment programme to encourage workers to save for old age isn’t ambitious enough.