SS&C contributed to a TISA research paper; “Getting Retirement Right.” This paper focuses on the challenges that households face in achieving a target level of income in retirement, through the accrual of pension savings through the Automatic Enrollment framework.
The report highlights several key areas which households need to factor into their saving plans and the impact that these can have on retirement outcomes Key insights include:
- Lifetime renters set to exhaust their pension savings 12 years before homeowners.
- New research looks at the levels of savings needed for those entering the workforce in 2025 to achieve a comfortable retirement.
- TISA modeling reveals owning a property can make a critical difference in later life financial well-being.
- TISA is calling for automatic enrollment contributions to increase to 12% and for more support and guidance to be made available for consumers.