Consumers should start saving for their retirement as soon as possible to avoid being at a disadvantage compared to the current generation of retirees, Prudential has recommended
Retirement insurance director Ali Crossley said that most people retiring now will enjoy a "fantastic" time after they stop working with over half of them on final salary pension schemes.
In contrast, she noted, eight out of ten final salary schemes no longer take on new entrants, one of the reasons why the "doom and gloom" stories about the prospects for people's retirement in the future were "absolutely true".
Because of this, Crossley said, "the sooner people start to plan for their retirement the better".
She advised that people should put away as much as they could into a variety of savings and investments, including Isas and property as well as defined contribution pension schemes.
Government statistics show that the aggregate of all contributions to occupational and personal schemes rose from £34 million in 1995 to £75 million in 2005.
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© Adfero Ltd
Date: 23rd, November, 2007
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