This country’s state pension is up there with the least generous in the world, according to the latest Organisation for Economic Co-operation and Development (OECD) report.
With only Mexico and Chile paying less, the international think tank’s study found that those living in the UK are currently being hit by a 38.3 replacement rate. This means that most pensioners earn just over one third of the money that they did whilst still in employment.
Working out at 38%, this particular statistic is in stark contrast with the Netherlands and Austria – whose are both over 90% – and Spain and Italy (80%). Due to them apparently paying retirees a pension equal to 105% of average wages, Turkey came out as the surprise table topper by quite some distance.
Though these figures make for alarming reading, it must be remembered that the basic state pension is set to rise in April 2016 thanks to a triple-lock. The UK also scores far better when private and workplace pensions are taken into account.
We would additionally like to remind all Leeds-based individuals that our retirement planning experts are always at hand to help those who are looking to secure their future.
In understanding that a blanket solution cannot be applied to all cases, Heritage Wealth Solutions’ local team of Chartered Financial Advisers work with clients to ensure that the agreed plan seamlessly matches their personal needs.
This not only helps to ensure that you have enough income to fund your retirement years, but it also means that we identify how best to draw from your assets.
If you are based in the Morley, Leeds or Yorkshire areas and want to find out more about our financial planning services, please do feel free to either call 0113 350 2080 or email email@example.com.