Is the UK getting ready for reaching retirement?

After you’ve worked all your life, it’s only normal to have retirement plans. For most people, they plan to do the things they’ve never had the time for – a round-the-world trip, a sports car, a holiday home, investing more time into their hobbies or even just sitting with their feet up. However, as new research emerges suggesting that people are reaching retirement with debt, or simply not enough money to live, will your pension pot cover your dream retirement plans?

Figures show that the average pensioner believes they will need £23,000 per year to live comfortably during retirement. However, the same research also reveals that people are only on course to receive £6,000 per year. How much would you need to cover your retirement needs?

Personal pension and stocks and shares ISAs provider, True Potential Investor, are aware of the changes in Britain’s attitudes towards pensions. Whilst the press has made more people aware of the importance of pension contributions, some regions seem to be more prepared for retirement than others. But which area of the UK is the best at contributing towards their pension pots? According to research, Northern Ireland were the most efficient when contributing to their pension pots in Q3, 2016. Here, True Potential explore further and establish how pension contributions vary per region in the UK.