It would appear that the very human condition of ‘future-blindness’ is hampering many of us from pension planning, and taking concrete steps to securing our financial wellbeing in old age.
Halifax maintains that 52% of us are not saving into a personal or workplace pension. Prudential reckon it’s a bit lower at around 45%.
‘Future-blindness’ is my way of describing what others have called ‘pensions indifference’ – the inability to imagine or see the reality of an impoverished old age. The antidote is good pension advice from a qualified pensions planner.
The state pension alone currently pays out £97.65 per week, or less if you have under 30 years of NI contributions.
This is not a fortune, and today a third of our pensioners are living in poverty, as defined by the EU in Brussels.
We have to ask ourselves if we really want an old age where we cannot afford to buy birthday presents for our grandchildren.
If not – then evasive action is required now.
