Abbey: Savings accounts help prospective retirees

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Abbey: Savings accounts help prospective retirees

Abbey is urging consumers to display as savvy an attitude as possible in their saving habits - to prevent themselves having to continue working when they should have retired.

The group estimates that some 4.5 million people over the age of 55 have not planned for their retirement, with nearly two thirds of people aged between 45 and 54 also not displaying a proactive approach to their future finances.

Consequently, some one million over-55s believe they will have to continue working past retirement age due to having insufficient savings.

Head of savings at Abbey, Reza Attar-Zadeh, describing the "potential retirement timebomb the over-50s are facing", said the age group should consider investing in an Abbey 50+ Saver account.

Offering an interest rate of 5.80 per cent until July 1st 2008, the Abbey account moves in line with interest rate changes and can be opened with just £1.

Easily accessible, Mr Attar-Zadeh also said the Abbey account should "further encourage a culture of savings at this crucial time for those approaching retirement".

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