The number of people who are confident they will have enough savings in their pension pot to retire comfortably has risen in the past two years.
Research from Aegon found that out of 830 people polled, 52 per cent felt confident about their ability to retire comfortably – an increase from 48 per cent in 2017.
But while retirement confidence was improving, many were still unclear when it came to planning their retirement, according to Aegon.
One in ten individuals admitted they didn’t have any pension savings, while 36 per cent had never estimated their income needs for retirement. However, this reduced from the 43 per cent in 2017.
A quarter of those with pension savings said they didn’t know how much was in their pot.
Steven Cameron, pensions director at Aegon, said: “It’s encouraging to see an indication of growing confidence over the last two years when it comes to being able to retire comfortably.
“But we must remain realistic. Overconfidence carries risks and people mustn’t be lulled into a false sense of security.”
Mr Cameron urged people to make a plan for retirement now so there is more time for the savings to grow.
Kay Ingram, director of public policy at LEBC, said advisers played a key role in helping savers plan their retirement and ensure that income needs continue to be met throughout retirement.
She added: “Advisers can also coach retirees to ensure that they take appropriate levels of risk with their savings and pensions, minimise the tax they pay as a family and ensure that unwelcome events such as bereavement and ill health can be managed.”