Filenews 11 October 2021 - by Theano Thiopoulou
In the ten countries with the best retirement data is Cyprus, because when employees retire, receive a pension that corresponds to a large share of their previous income. In the British pension report, independent financial adviser Simon Lester tries to compare UK pensions against pensions in the rest of the world. One of the questions in the survey is how much British pensioners receive compared to pensioners around the world. To draw conclusions, the survey looks at the percentage of pre-retirement income received during retirement.
As the findings have made clear, the global average of the amount received during retirement, compared to pre-retirement incomes, is 59.8%. Cyprus is in ninth place, as it is estimated that pensions amount to 83.6% of the income earned by citizens before retirement.
In first place with the largest percentage of average pre-pension income granted in retirement, is India (94.3%), ensuring the continuation of the standard of living of workers after retirement. It is followed in second place by Italy (92.8%) which provides the best retirement data in Europe, offering 92.8% of pre-retirement incomes. In third place is Turkey (92%), in fourth place Bulgaria (91.1%) and in fifth place Is Luxembourg (90%).
On the other hand, the lowest rate of pre-retirement incomes in retirement is provided in Mexico with the rate at just 23.6%. It is followed by South Africa (27.9%), Great Britain (28.5%) and Lithuania (29.7%).
In the report, the independent economic advisor notes that pensions may seem a little confusing, especially if one is just beginning to understand the basics. That's why he adds, why many people turn to the search engines to ask all the big questions, but what are the most common questions about pensions
Looking at the last twelve months of Google searches in the UK, we were able to see which questions were asked the most. The most common pension-related question is "how much is the state pension", with 442,700 searches in the UK in the last twelve months. With this question having over 300,000 more searches than the next most common question, it's clear that this is something that concerns a lot of people.
The answer to this question is that the current state pension is £179.60 a week. Of course the analyst notes, with a workplace pension and any other private savings, this amount can be subsidised to increase income during retirement.
In his research he notes that he discovered that people seem to be more concerned about their pensions at middle age, while those aged between 30 and 59 are more likely to pay pensions of 7% or more. These age groups also had the highest rate of enrolment in pension schemes in the workplace, ensuring that they care for their future.
