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90 per cent failing to prepare for older life

90 per cent failing to prepare for older life
25th April 2013

Nine out of ten people are not saving or paying enough into their pension funds, research has found.

A study by independent financial advisory firm the deVere Group found that 90 per cent of people are not prepared for retirement.

Not only does this mean that they will not be able to live the kind of life they expect, it also means they run the risk of not being able to afford appropriate care if needed.

Nigel Green, found of the deVere Group, said people seem to be burying their heads in the sand when it comes to planning for older life.

"This is very concerning, particularly as we’re living longer, meaning the money we accumulate has to last longer; in the future, it’s likely that governments will not be in a position to support older people like they have done for previous generations," he added.

Steve Webb, minister for pensions, said people should look to have one big pension pots rather than a number of smaller ones.

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