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Workplace savings to fund ‘32% of retirement income’

People in the UK are expecting almost a third (32%) of their retirement income to come from workplace savings, according to a study.

Aegon polled 14,400 workers and found a further 42% expected their income to come from the government, with the remaining 26% coming from their own savings and investments.

Those aged 18 to 24 expect a lower portion of their retirement income (35%) to come from government benefits, such as the state pension, compared to those who’ve already retired (50%).

Being optimistic or possibly naive, people in this age group still expect to retire at the age of 65. 

The UK government is gradually increasing the state pension age to 68 by 2039, meaning those born between 6 April 1970 and 5 April 1978 will have to remain in employment for an extra year before receiving their retirement income. 

Steven Cameron, pensions director at Aegon, said:

“The UK’s solution to focus on workplace savings makes it world leading, whereas its decision to increase state pension age is likely to mean expectations from the state pillar remain below the international average.

“While UK employees benefit from the workplace pension focus, the ever increasing numbers of self-employed don’t. This highlights the need to focus on how to improve pension provision for this significant element of the working population.”

Contact us to discuss retirement planning.

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Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.