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Save early for retirement `to avoid debt problems`
23 November 2007
People across the UK should start saving for retirement early to avoid potential debt problems in later life, a financial expert has argued.
With the current gloomy financial outlook combining with the well-publicised pensions crisis, many of those set to retire in coming decades could be facing a retirement full of debt problems, Prudential warned.
However, if consumers were better prepared for the on set of retirement, including a plan of starting to save early, such debt problems could be avoided, Prudential retirement insurance director Ali Crossley said.
Ms Crossley added: "The sooner people start to plan for their retirement the better; the more they put aside for their retirement the better and the better chance they have of having a decent income in their retirement."
Earlier this week, a survey by Prudential found that 52 per cent of people retiring in 2008 will do so on final salary pension schemes.
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