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Millions approaching retirement 'not saving enough'

By Lucy Bower

19 September2021

New research this month, from the Aviva Real Retirement Series, indicates that millions of people approaching retirement age aren't saving for the future.

While some of them could be financially secure enough that they don't need to save for the future, the statistics still raise concerns for people who haven't got a plan for retirement - they could be risking debt problems later on.

The study involved over 14,600 consumers based in the UK and over the age of 55.

Almost three million 'pre-retirees' (people aged 55-64) don't save any money every month despite having the highest gross monthly income of all over-55s on average (1,560).

People in this age category are generally still working and approaching retirement, but according to the report, they are saving the least each month: 2.5% of their income, or 39.

This age group are also more likely to have no savings pot out of all people over the age of 55 (18% of 55-64 year olds don't, compared with 12% of over-55s on average).

The 'retiring' (65-74) and the 'long-term retired' (over-75s) manage to save more, setting aside 62 and 61 per month respectively.

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Tags: debt, debts, debt problems, retirement, retire, save, saving, savings, income

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