Savers told to plan early for retirement - Pensions - News - Moneyfacts


Savers told to plan early for retirement

Savers told to plan early for retirement

Category: Pensions

Updated: 23/03/2010
First Published: 23/03/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
People have been told to save as much as they can for their retirement now, after it was revealed nearly three million UK adults had put their plans to give up work on hold.

Around nine per cent of people aged over 45 told Prudential they had delayed their plans to retire because of the effects of the recession or a personal financial emergency.

A further seven per cent said they had given up their retirement plans in favour of working, in an effort to boost their pension so they can retire at a later date.

Worryingly, around a quarter of those who had delayed their plans to retire, amounting to more than 710,000 people, feared they will now never be able to afford to retire completely.

The recession has forced nearly one in five people (17 per cent) to delay retirement for at least five years, while a further 51 per cent believe they will have to wait between 12 months and five years before stopping work.

"It is imperative for people to realise what's at stake before they come to retire," said Martyn Bogira, defined contribution solutions director.

"Do you really want to work an extra five years beyond the date you could retire? It's one thing to want to continue to work, but quite another to be forced to as a result of not having saved enough money to be able to retire.

"Anyone earning an income should try to begin putting money into a pension, or other savings product, as soon as possible as the cost of delay is potentially a delay in when you can retire."

Find the best pension for you - compare pensions.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Pension funds defy uncertainty with strong returns

Economic uncertainty has been a persistent theme in recent months, but happily, not every area has been negatively impacted. Indeed, our latest figures show that the pension sector has bucked the trend and posted unexpectedly strong returns.

Do you know what a pension is?

Pensions are something we all need to get our heads round, and we’re continually told that it’s important to start saving into one from as early as possible. Yet new research suggests that this advice could be falling on deaf ears.

Record number of 100-year-olds

The chances of living to be over a hundred years old are going up, as figures from the ONS show that there were a record number of 14,570 centenarians in 2015, an increase of 65% over the last decade.