Prudential urges people to save for retirement

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Prudential urges people to save for retirement

Martyn Bogira, defined contribution solutions director at the firm, questioned whether people actually wanted to work five years beyond their due retirement date and advised saving at an early stage of any type of career.

He said: "Anyone earning an income should try to begin putting money into a pension, or other savings product, as soon as possible as the cost of delay is potentially a delay in when you can retire."

The insurance company found 1.6 million people had put off their plans because of a financial emergency and nearly 1.3 million people delayed retirement to try to boost their future income.

Pension planning is the most popular advice category, according to unbisased.co.uk, which found that 39 per cent of people in search of independent financial planning advice sought guidance for their retirement in February.

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