The Prudential is warning people that the current state pension cannot be relied upon to provide a decent standard of living.
A spokesman from the Prudential said that everyone should be putting more money aside for retirement from a much earlier age. Without this financial provision there are going to be many people finding life very hard as they reach retirement, something that no-one wants to see.
According to Prudential figures well over a third of people actually lose sleep thinking about the financial pressures they will face in retirement. This situation can be resolved through forward planning and saving over a longer period of time. As long as the pension provision can be afforded by the individual and day to day living can still be enjoyed then early pension planning can transform the future.
A recent survey has shown that those aged 50 and over, the typical Saga Insurance customers, are concerned about how the credit crunch will affect their pensions and investments.
According to the survey, carried out by Millennium, over 75 percent of these Saga Insurance aged respondents believe the credit crunch will negatively impact on their investments, whilst almost 60 percent are expecting their pension provisions to be affected. However it is not all doom and gloom, since over three quarters of the over 50s are also saying they will not give up holidays and eating out.
People aged 50 and over tend to have a good view of the economy, having experienced its ups and downs over their lives. This is why the opinions of the Saga Insurance customers are valuable and worth bearing in mind no matter what age you may be.
As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
