Aviva pensions issues wake-up call to babyboomers

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Aviva pensions issues wake-up call to babyboomers

Babyboomers may need to reassess what their retirement income will allow them to do, it has been suggested by a spokesperson from Aviva pensions.

Clive Bolton, 'at retirement' director of the firm, made his comments after research by the organisation showed there is significant distance between what many people would like to do when they retire and how much money they will have.

It appears that 23 per cent of individuals in the babyboomer generation who have just £30,000 saved for their retirement hope to have a 'comfortable' life when they finish working.

Mr Bolton claimed that people in this demographic may struggle to afford the lifestyle they dream of and recommended that they think hard about all the costs they will need to deal with.

"Regardless of what pension pots people have, turning them into a viable income is vital, so shopping around for an annuity is an important next step," he added.

Last month, Aviva pensions highlighted the importance of group and corporate policies in long-term savings.

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