Save now or work longer, British professionals warned

British professionals must recognise the importance of saving for their retirement or risk working into their seventies, it has been claimed.

With the government planning to review the default retirement age, Friends Provident has warned that retirement at 65 will soon become a thing of the past for the majority.

Martin Palmer, head of pensions marketing at the firm, said people need to be aware of the reality of working longer.

"As a nation we should start seeing retirement as a process in our lives and not a one-off event," he stated.

"We need to provide the right savings options to enable this and help employers foster a suitable savings culture to encourage people to start investing in their future."

More flexible employee benefit platforms can empower employees to choose the savings products right for their life goals, Mr Palmer stated.

According to the Friends Provident Visions of Britain 2020 report, the number of UK workers aged 55 and over is expected to rise from 5.14 million to 7.16 million over the next decade.

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2010-06-23 11:25:11 © Moneyextra.com