SOS! Extra Savings Needed For An Adequate Pension

For the average 20 year old in the UK, Aviva forecasts that an extra £1,294 should be saved per year if their pension is to provide a payout big enough to provide an adequate standard of living. The picture becomes even grimmer as you move up the gears to those currently 50 years old. In this case, £7,414 will be needed to allow a continuation of lifestyle into the years without a regular income from employment. Known as the 'pension savings gap', this 315 billion pound black hole is equivalent to 13 percent of United Kingdom GDP. Despite this, only 17 percent are thought to set money aside on a regular basis.