Millions face far from comfortable retirement

Posted in General

12th April 2010

Almost two thirds (62.9 per cent) of private sector workers are risking their financial freedom in later life by not saving into a pension.

Data from the Office of National Statistics (ONS) shows that by comparison, 85 per cent of workers from the public sector contribute to a scheme.

The Liberal Democrats say that the figures show that the government have failed to encourage workers to save for retirement and millions may not have enough to live on.

Something they may wish to consider is equity release. Buy doing this, homeowners can extract money from their home in the form of a regular additional income to supplement their pension.

Alternatively they could take the money in a lump sum so they could buy a special one-off purchase, like a car or a holiday.

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