Cian Carlan

I heard the news this morning that the majority of us are just not prepared for retirement.

This new survey of workers shows that many of us are really worried that we won't have enough set aside to allow us to fully retire.

So here to help us get it all together is MD of DNG Financial Services, Cian Carlin.

Good morning, Cian.

Good morning, Clare.

Are you surprised to hear this at all?

So do we assume if we are paying anything into a pension that we've done it now, that's it, we've dealt with it?

Yeah.

And this survey that was done as well shows that a lot of us, when we look at what we have put aside, we look at the pot, like the pension pot, and that might look like a big number.

But what we're not looking at is, well, how many years has this got to do me?

OK, so what we will need is about 50 to 55 percent of our income that we were making in order to to survive and be comfortable.

but a lot of people expect their pension to replace 42% of their income.

So really, I suppose what might be useful is to come up with some questions that we need to ask the organisation that we have decided to invest our money with for our pension.

So what do we need to know?

And your pension provider can readily give you a prediction of what your income will be every year, your predicted income.

And if that income, retirement income, doesn't look like around 50% of what you're on when you're working, are you saying that you need to increase what you're putting in?

And now more than ever, now more than ever, because it is really hard to make ends meet at the moment.

The other way you can slice this is look at what your employer is offering you.

And if there is a job move on the cards, then the pension provision at the company you're planning to move to, that's a big, big deal, isn't it?

Okay, a couple of questions coming in.