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

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Have you lost track of your pensions?

The changing nature of the jobs market means it’s highly likely that you’ve got more than one pension pot, but the question is, do you know where they all are? According to research from Aegon, many people don’t.

Grandparents missing out on pension protection

Grandparents who give up work to take care of their grandchildren could be missing out on valuable state pension rights. So, if you're a grandparent taking care of a little one, make sure you’re building up all of the pension that you deserve.

Setting goals could boost your pension pot by £30K

Setting goals can be the key to success in many areas of life, helping motivate you to achieve anything from career progression to building up that house deposit - and if you have goals set for retirement, you could boost your pension by £30,000.
 
Close