|
Scottish Widows: Rising pensioner numbers makes saving for retirement a must
26 August 2008 11:00
The increasing number of old people in Britain will hit state pension provision, Scottish Widows has warned, making it essential that people start making their own preparations.
Latest official figures have indicated that whereas the number of young people in the UK fell to 11,509,000 last year, the number of pensioners rose to 11,561,000 and is forecast to climb beyond the 12 million mark within the next two years.
Scottish Widows has now warned that, as a result of this trend, Britons cannot expect the government to fund their retirements from the ages of 60 or 65 for much longer, with the statutory retirement age set to rise to 68 over the next 40 years.
It asserted that, with many people still hoping to finish working when they are in their early 60s, they will have to make sacrifices when they are young, advising working Britons that they should be looking to set aside £1 of every £8 they earn for retirement.
Increasing life expectancy is also raising the amounts that people have to save for their futures, with a recent study by the Centre for Economic and Business Research finding that retirement now costs the average British household £413,000.
|
