People approaching retirement age are being advised to start making plans for their retirement by Abbey Savings.
The bank issued the advice after conducting a survey that found over 4.5 million people aged over 55 have not yet started saving for their retirement.
Similarly, 4.8 million people aged between 45 and 54 – almost two-thirds of this age group – have not as yet started making plans for their retirement and 1.8 million of these said they had not thought about it at all.
In the over-55 age group, 1.5 million said they thought they would have to rely on their property to generate income in their retirement, as they do not have enough savings.
Reza Attar-Zadeh, head of savings at Abbey, said: “This research shows the potential retirement time bomb that the 50+ generation are facing.”
In related news, some analysts are expecting the property market to stall if the interest rate is raised again next month following news that inflation rose to over three per cent in March.
© Adfero Ltd