Cyprus is among the ten countries with the best retirement data, because when employees retire, they receive a pension that corresponds to a large share of their previous income. In the British Pension Report, independent financial adviser Simon Lister tries to compare UK pensions with pensions in the rest of the world. One of the research questions is how much British retirees receive compared to retirees around the world. To draw conclusions, the survey looks at the percentage of pre-retirement income received at retirement.
According to the findings, the global average of the amount received at retirement, compared to pre-retirement income, 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 the first place with the largest percentage of the average pre-retirement income to be given at retirement, is India (94.3%), ensuring the continuation of the standard of living of employees after retirement. In second place is Italy (92.8%) which provides the best retirement data in Europe, offering 92.8% of pre-retirement income. In third place is Turkey (92%), in fourth place is Bulgaria (91.1%) and in fifth place is Luxembourg (90%).
In contrast, the lowest percentage of pre-retirement income at retirement is provided in Mexico with a rate of just 23.6%. It is followed by South Africa (27.9%), Great Britain (28.5%) and Lithuania (29.7%).
In the report, the independent financial adviser notes that pensions can seem a bit confusing, especially if one is just beginning to understand the basics. This is why he adds, which is why many people turn to search engines to ask all the big questions, but what are the most common questions about writing them?
Looking at the last twelve months of Google searches in the UK, we were able to see which questions were asked the most. With this question having over 300,000 more searches than the next most common question, it is clear that this is something that concerns many people.
The answer to this question is that the current state pension is 9 179.60 a week. Of course the analyst notes, with a workplace pension and any other private savings, this amount can be subsidized to increase retirement income.
In his research, he notes that he found that people seem to be more concerned about their pensions in middle age, while those between the ages of 30 and 59 are more likely to pay pensions of 7% or more. These age groups also had the highest enrollment rates in the workplace, ensuring that they cared about their future.