Are you ready for retirement?

Reports suggest that one in seven retirees have no savings and only a state pension. Julian Stanley asks how teachers can prepare for retirement.

A report out earlier this year found that one in seven people due to retire in 2014 have no workplace or pension savings in place and will have an income of less than £8,600 a year to live on.

The survey by Prudential revealed that women are less prepared than men, with 20 per cent of women saying they have no pension savings compared to seven per cent of men. Many respondents are also unclear on how much pension they will be entitled to when they retire. Two in five said that they did not know how much their pension is worth, while 17 per cent overestimated the value by at least £880 a year.

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