Most Brits are all set for retirement — unless they want to live longer than seven years after they stop working.
People in the UK are actually the worst prepared for retirement compared to other developed countries, the Guardian reported. Our savings are expected to dwindle after about a third our retirement years.
Nineteen percent of the working population aren’t saving at all. Another 57 percent save for holidays before retirement.
“People are living longer, through tougher economic times, but their expectations about their standard of living in retirement remain unchanged,” says Christine Foyster, head of wealth development at HSBC UK.
“They are putting off the inevitable, which is the reality of significant cuts to their living standards in their twilight years after their savings run out.”
Foyster adds: “As daunting as the current challenges may seem, the solution is simple: the earlier you start to plan, the better prepared you will be.”
Information for this post was taken from an article by Larry Elliott, economics editor at the Guardian. Read his original article here.
Embed This Image On Your Site (copy code below):