Economic climate forcing people to rethink retirement

The current economic climate is causing many people to rethink retirement, as they struggle to find the best savings interest rates to boost their pension pot.

A study by Standard Life highlighted that one in five 45-65-year-olds do not think that their financial plans will support them in their twilight years.

Some six per cent of people in the age group have said they may never retire due to financial worries.

Just 16 per cent of respondents said they felt their current financial plan was appropriate.

John Lawson, head of pensions policy at Standard Life said: "The current financial crisis has brought into sharp focus the need to make and review appropriate plans. This will clearly be challenging but there are many things you can do to make your retirement years as secure as possible."

Recent research by HSBC found that parents are less likely to put cash aside for their retirement than people without children.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-10-27 12:52:55 © Moneyextra.com