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Retirement will hopefully be a substantial proportion of a person's life, and many will spend some of their time in work planning for this period. However, that's not to say that everyone
will pay into a pension for the future.
New research has found that more than a third of people (33 percent) over the age of 50 have no private pension.
More than a third (35 percent) of women and a fifth (20 percent) of men over 50 do not have a private pension, according to the latest research from over 50s experts Sunlife.
Sunlife’s Finances After 50 report also reveals that 33 percent of over 50s don’t think they have enough money to provide them with a sufficient income for their retirement.
The research, which surveyed 3,000 people over 50 about their finances, found that 36 percent of women over 50 don’t think they have enough money to fund their retirement with just 13
percent saying they are confident that they will have enough to fund a comfortable retirement.
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Building a picture of how over 50s may be planning to fund their retirement, the report found the vast majority of over 50s think pensions - both state (90 percent) and private (66 percent)
- will be the biggest contributor.
Furthermore, 27 percent said they will rely on their partners' private or workplace pension during retirement.
However, it seems that many over 50s also intend to look to other sources of income, with 12 percent planning to "use income from work", and 11 percent expecting to receive an inheritance.
Meanwhile, half of those asked said they expect to use savings and investments to pay for this time of their life.
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Property is also seen as an important source of income for homeowners with 14 percent saying they plan to downsize and six percent plan to use equity release.
Simon Stanney, equity release director at SunLife said: “It is quite worrying that so many over 50s are not financially ready for their retirement.
"And while relying in inheritance is risky, looking to property wealth is a viable option for some because there is a huge amount of wealth tied up in properties – particularly amongst older
homeowners who have seen huge increases in the value of their properties over the years.
“Downsizing is an option for many, however, most over 55s do not want to move house and this is where equity release could offer a solution because it allows homeowners over 55 to release
some of the money tied up in the value of their home without having to move."
Under the triple lock mechanism, the state pension increased earlier this month by 3.9 percent.
To get the basic state pension, a person must have paid or been credited with National Insurance contributions.
The most they can currently get is £134.25 per week - which is £6,981 over the course of the year.
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