The study also showed how vulnerable retirement savings are to being raided to cover shorter term needs, with almost a third of those yet to retire (29%) admitting they would dip into their retirement pot to cope with life events such as buying a home or paying for children’s education.
Andrew Ireland continued: “People throughout history have faced the question of how to provide for the future, and today’s savers are no exception. Yet as daunting as the current challenges may seem, the solution is very simple: the earlier you start to plan the better prepared you will be.
“For some this may mean beginning to save more, whereas others will choose to work longer. The key is for everyone, regardless of age or income, to make a plan to help them get the retirement they expect.”
Savings shortfall by countries surveyed:
Median length of retirement (years)
Median time before savings run out (years)
Total savings shortfall (years)
Time with savings in as a % of total retirement
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