Sep 2 2008
People in the UK have been warned not to rely solely on receiving inheritance money to keep them in retirement.
According to Standard Life, consumers should begin making pension investments now in order to ensure they are financially secure after they give up work.
Research conducted by the firm found that eight per cent of people questioned planned to use money tied up in their property to fund retirement, while 17 per cent reported they intend to downsize their home in order to release money.
However, it was also discovered that more than half of respondents under the age of 36 were planning to save more money for their retirement going forward.
"Making plans to put money aside to fund retirement is a sensible move, no matter how young," stated Andrew Tully, pensions policy manager at Standard Life.
In other pension news, figures produced recently by Virgin Money suggested that savers could be missing out on up to £10,000 as a result of annuity delays.
