The Pensions and Lifetime Savings Association has reminded all stakeholders that the deadline for its Hitting The Target consultation is the end of this week.
The consultation that was launched in October 2017, will close this Friday, 12 January 2018.
The Hitting the Target consultation was designed by the PLSA to help members to define and meet their retirement goals and proposes the implementation of National Retirement Income Targets to achieve these.
According to research carried out by the PLSA before the new year, 31 per cent of respondents thought that setting a realistic target was the best way to achieve their New Year’s resolutions. This was followed by 21 per cent who referred to having a clear set of goals, taking the time to focus on what needs to be achieved (15 per cent) and having a clear set by set plan to follow (13 per cent).
National Retirement Income Targets are currently used in Australia and informs savers of how much they need to save in order to achieve different standards of living in retirement, such as minimum, modest and comfortable.
The PLSA’s initial research also found that when asked about what levels should be used for income targets, savers between 55 and 64 suggested that for a single person targets may be: a minimum £10,000 to £15,000, modest - £15,000 to £25,000 and comfortable - more than £25,000.
PLSA deputy director Nigel Peaple said: “Automatic enrolment has seen over nine million more people enrolled into a pension scheme over the last few years. Whilst this welcome success has achieved a great deal in starting more people saving towards retirement, we hope that income targets will address one of the key challenges facing savers today – that there is currently no generally understood target for retirement income.
"Our research has shown that 77 per cent of people do not know how much they need in later life. It is therefore great to see that so many people find targets and budgets helpful with financial resolutions – it suggests there is a strong basis for income targets working in practice.
“With our research revealing that 40 per cent of respondents are planning to make financial New Year resolutions, we hope that people are considering their pension options. This is a great opportunity to prepare not only for the year ahead, but for a better income in retirement.”