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.
New research by Zurich Insurance has shown that people in the UK are not retiring at the expected age, primarily because they have not planned their finances adequately.
Almost two thirds of Brits at retirement age are thinking of remaining at work, with nearly a third also expecting to have to work as they need the money. Another third though are doing it simply to stay active, in both mind and body, which shows how society and lifestyle has changed said a Zurich Insurance spokesman.
There are so many financial pressures in modern society meaning that retirement costs more than ever. This is a realisation that some people are coming to only now said Zurich Insurance, showing how important good pension planning is.
A study of the retirement market by Saga Insurance has shown that equity release schemes are being used by many people to help boost finances in retirement, helping them do the things they want to do with their time.
Contrasting with a more conservative view a few years ago, around 88 percent of those surveyed by Saga Insurance, now feel equity release is a good idea. In the past the more common view was that the home should be left to children as part of the inheritance.
With nearly 80 percent of those aged 60 and over having paid off their mortgages there is certainly a substantial amount of money available that is tied up in property. The equity release option frees up this money to provide a more pleasant lifestyle.
