People who are trying to plan their retirement were offered sympathy last week, as more and more people struggle to get to grips with a long term savings plan.
The source, from Pinsent Masons revealed that he felt for people who found it difficult to plan such a long way ahead, and understood saving for a pension could stretch their resources now.
Partner at the firm, Robin Ellison also revealed that the process was made somewhat more complicated by the fact many savers would live five to ten years longer than their parents.
He said: “Hardly anyone appreciates how long they are going to live; most of us think we are going to live as long as our parents did.”
M&S Money carried out a study showing that 47 per cent of those over-45 are still not putting any money aside for their retirement, meaning more and more people will live in pensions poverty.
Samir El-Alami from PensionCalculator.org revealed his disappointment at those figures saying, “It’s shocking that nearly half of those over 45 are still not putting anything aside, despite all the warnings in place. With life expectancy increasing all the time, annuity rates are not going to improve and the amount of money you need to put aside for a comfortable retirement is only going to increase. Everyone should be saving, however young or old they are if they want to live in anything but poverty in old age.”