Third of over-55s not saving for retirement

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Third of over-55s not saving for retirement

At present, up to a third of over-55s across the UK are not putting any money aside each month for their retirement, new data has shown.

Research carried out by insurer Aviva has revealed that 37 per cent of Brits in this age category claim they cannot afford to be saving in the present financial environment, despite the impact this is likely to have on their future wellbeing and comfort.

Furthermore, the report showed pension pots for over-55s have reduced by 27 per cent in the last 12 months.

Clive Bolton, 'at retirement' director at Aviva, said: "It is of concern to find so many people are finding a lack of money is the main factor inhibiting them from planning their retirement finances."

He added that it is important that older Brits look to secure their financial future sooner rather than later.

John Perks, LV= managing director of retirement solutions, also recently stated the introduction of the raised retirement age means that older people in particular must reassess their pensions saving as soon as possible.

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