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Are you saving enough for your retirement?

While the recent economic downturn has hit many people in the UK there are concerns that it has exposed a lack of preparation for the future and for retirement. It is believed that almost half of those over 55 do not have any monthly savings plans in place and indeed 20% are estimated to owe at least £75,000 on their mortgages.

The very fact that the situation for those over 55, and struggling to put money aside, will have worsened over the last two years is another major concern and will ultimately impact on their standard of living upon retirement. There are growing concerns about the lack of planning for many approaching retirement with pension pots having fallen by over 50% over the last decade and annuity rates under pressure. So is it too late to put money aside today?

While it is never too late to start saving for the future, for those approaching retirement the benefits of putting money aside for tomorrow will be less than for those who start saving at an earlier age. While many of us automatically assume that the state will assist us in our later years the truth is that the real value of the state pension is likely to fall in the future and the push towards personal pensions and personal financial planning continues.

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