Monday 21st January 2008
Millions of Britons are throwing caution to the wind in failing to prepare for their retirement, a pensions expert has warned.
According to Mark Brooks, spokesman for the National Association of Pension Funds, as many as seven million people are not saving "enough, if anything, for their retirement".
However, in so doing, they are risking having to endure a disappointing and difficult retirement, he warned.
The problem is exacerbated by "higher life expectancy" and "the growing expectations of the standard of living people will have when they retire", Mr Brooks explained.
"The average person will be in retirement for 18 years or even longer so retirement savings need to last a long time.
"Those who are not putting adequate money aside for their retirement pension will be disappointed when they become a pensioner. But the earlier a person starts saving, the easier it will be".
The government's actuary's department predicts that life expectancy for men and women will stand at 86 and 89 respectively by 2050.
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Pensions
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