Half of Danes have not checked whether they are saving enough for retirement

Around half of Danish savers have not checked whether they are saving enough for retirement, according to a survey by Sampension.

The survey conducted by Epinion of 1,000 Danes on behalf of Sampension found that 49 per cent have not investigated whether they are on the right track with their retirement savings, while 47 per cent conversely said that they have checked it.

“Few Danes neither want nor expect to have to lower their standard of living significantly when they retire. But if you do not know in time whether you are on the right track with your savings, then in the end an unpleasant financial surprise can await. Because you risk having saved too little to be able to get the retirement life you expect – and instead there may be a prospect of a completely different financial reality as a pensioner,” Sampension marketing and customer advisory manager, Anne-Louise Lindkvist, said.

According to the survey, most of the 18-34-year-olds (68 per cent) have not checked whether they are saving enough to get the income in retirement that they expect. But even among the 57-65-year-olds approaching retirement age, almost every third (30 per cent) have not checked.

“It is important to check your savings on an ongoing basis, so that you have a fairly realistic idea of what retirement life you have the prospect of having financially. And this is especially true for Danes with less time to retire. Because the closer you get to retirement age, the fewer years you have to strengthen your savings, if there is a need for it,” said Lindkvist.

The survey also shows that almost every third Dane (29 per cent) expects to have unchanged or even higher income in pension life than in working life – corresponding to the income as a pensioner being 80-100 per cent of income in working life. Among the 57-65-year-olds, this applies to every 4th (26 per cent).

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