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Inadequate provisions turn retirement dreams into nightmares
16 September 2008 12:00
Many Britons have high hopes for their retirement years, according to a new survey, but financial realities and a failure to save enough could make these nothing but pipedreams.
Nearly half of all Britons decide to travel after they have given up work, Scottish Widows' poll has revealed, while more than one in four also opt to take up a new hobby once they have retired.
Furthermore, almost half of all retirees spend their newfound spare time doing some gardening, with almost one in three also using it to make home improvements and one in 11 even taking up evening classes.
However, these aspirations could all go unachieved, as nearly one in two employees are not saving adequately for retirement, while one in four retirees who received a pension lump sum paid off their debts with it and one in six needed it for mortgage repayments.
Scottish Widows' head of pensions market development Ian Naismith warned Britons still working of the difference between wanting a good retirement and planning for one, urging them to start saving now and avoid facing financial struggles in their later years.
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