People have been urged to calculate how much money they will have to live on in retirement, after new research revealed almost one third of retirees could face financial difficulties when they give up work.
With 31% of people found likely to suffer an increase in financial problems when they enter retirement, the FSA and the ABI has launched a pension calculator designed to help people gauge how they currently stand.
The survey also examined how life events such as unemployment, bereavement and household status affect levels of financial capability. As a result, the criteria used in the calculator can be adapted to take into account changes in personal circumstances.
"For many people, pensions are not something they want to think about until retirement is imminent and by then they may find their pension falls far short of the lifestyle they had hoped for," said Chris Pond, FSA director of financial capability.
"So it's important to do as much as possible to make the most of your money by considering all the choices available. The pension calculator can help you identify the implications of your pension choices and impact on later income to determine if you are on the right track."
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