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Concerns grow about retirement savings

The Scottish Widows Pensions Report has revealed a disturbing trend which appears to have been exaggerated by the UK recession. The number of people in the UK saving for their retirement has fallen to its lowest level for four years and there is particular concern about ladies over the age of 50 who have been singled out as the most at risk area of society with regards to insufficient savings in their retirement. So what is happening?

The report has found that just 48% of people in the UK are saving for their retirement which is down from 54% last year and is the lowest level for four years. The report also suggests that 21% of those in the UK who could save are in fact putting nothing aside, leaving themselves open to a potentially lower standard of living in their retirement years. While there is no doubt that the recession has obviously impacted upon the ability of many people to save money for retirement, it does look as though pensions and other similar savings schemes are bottom of the list for many people.

It is never too soon to begin saving for your retirement and you should take professional financial advice at the earliest opportunity.

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