Planning for tomorrow’s pensions today

October and November are traditionally busy months for brokers and life assurance companies as many people think about pensions, whether they’re taking one out for the first time or reviewing the status of their pension investments.

October and November are traditionally busy months for brokers and life assurance companies as many people think about pensions, whether they’re taking one out for the first time or reviewing the status of their pension investments.

Financial pressures have made it more difficult for people to plan for their retirement. In tough times, it becomes harder to estimate how much money will be needed upon retirement.

To address some of these issues, Aviva is holding an industry/brokers conference in Kilkenny today (Wednesday).

A Customer Attitudes to Savings survey carried out by Aviva in June 2012 indicated that 62% of Irish people worry that they will not have enough income when they retire. Some 51% do not have a private pension or have not set up dedicated pension or savings strategy for retirement. The picture is even worse for those under 35, with Aviva’s research finding that 80% of this age group have no pension.