Getting retirement right: Plan, prepare, enjoy Getting Retirement Right Plan, prepare, enjoy Our new Retirement research paper focuses on the challenges that households face in achieving a target level of income in retirement, through the accrual of pension savings via the Automatic Enrolment framework. The report highlights several key areas which households need to factor into their saving plans and the impact that these can have on retirement outcomes Key insights include: Lifetime renters set to exhaust their pension pot 12 years before homeowners New research looks at levels of savings needed for those entering the workforce in 2025 to achieve a comfortable retirement TISA modelling reveals owning a property can make a critical difference in later life financial wellbeing TISA is calling for automatic enrolment contributions to increase to 12% and more support and guidance to be made available for consumers CLICK HERE TO DOWNLOAD YOUR FREE COPY RENNY BIGGINS, RETIREMENT POLICY MANAGER AT TISA, SAID: “WE KNOW FROM TRENDS SURROUNDING HOME OWNERSHIP AMONG YOUNGER PEOPLE THAT RENTING COULD BECOME MUCH MORE COMMON IN RETIREMENT. INDEED, RECENT STATISTICS HAVE SUGGESTED THAT UP TO A THIRD OF ‘MILLENNIALS’ WILL BE LIFETIME RENTERS, IF THINGS CONTINUE AS THEY ARE. “CURRENT LEVELS OF CONTRIBUTION AT 8% CLEARLY WON’T CUT IT FOR THOSE HOUSEHOLDS THAT DON’T OWN THEIR HOME. BASED ON OUR RESEARCH, INCREASED CONTRIBUTIONS OF EVEN 12% WOULD BE INSUFFICIENT IN ISOLATION FOR FAMILIES UNABLE TO GET ON THE HOUSING LADDER. SHOULD RENTERS ALSO HAVE TO FACE CARE COSTS, THEY COULD QUICKLY FIND THEMSELVES IN PENSION POVERTY, WITHOUT ANY HOUSING WEALTH TO FALL BACK ON. “THE PERENNIAL POLITICAL DEBATE AROUND THE BEST WAY TO FIX THE HOUSING CRISIS IS UNLIKELY TO BE RESOLVED ANY TIME SOON. BUT WHAT THIS REPORT DRIVES HOME IS THE CRITICAL NEED FOR CONSUMERS TO BE ARMED WITH MORE INFORMATION AND BETTER CHOICES THAT REFLECT THE NEW REALITY OF RETIREMENT.” Background Press release With thanks .st0{fill:#1DA1F2;} .st1{fill:#FFFFFF;} Cookies Privacy Policy Terms & Conditions © Copyright, The Investing and Saving Alliance 2021