Be it the modern age graduates, or the baby boomer generation, savings have always been a central point to ponder in regards to planning for the post-retirement future. Regardless of the fact that there are many today who may not appreciate savings, rather move on towards living their routine lives without planning, or their interest towards saving, there exists a lack of understanding of how one can prepare for retirement. Especially in the recent UK graduates, or more specifically the Millennials, there is a serious gap between acceptability and understanding planning for retirement. The purpose of this paper is to provide an overview of the various intricacies and characteristics of pension planning, types of pensions, facts and figures regarding savings, and the significance of saving for the Millennials of the UK in light of comprehensive retrospect and primary research.
Content
Introduction
The Current Pension Provisions in the UK
Unfunded Pension Schemes
Funded Pension Schemes
The Significance of Saving for Pension
Pension and Financial Position
State Pensions
Patterns in Spending Habit of Retiree Households
Retirement Income Needs and Inflation
Methodology
Presentation of Findings
Analysis of Findings
Understudy Uoan Repayment Factor
Plan 1 : Example student loan payments
Uncertainties and Risk Facing Pension Schemes
Longevity Risk and Private Pensions
Investment Risk and Defined Benefit Pension Funds
Conclusion
References
Appendices
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