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People should save more for retirement
09 July 2008
People need to contribute more to their pension schemes in order to live comfortably after retirement, claims a finance company.
Figures from a Scottish Widows 2008 pension survey revealed that 49 per cent of people are not saving adequately for retirement which could lead to old people living in poverty when they finish their working life.
Ian Naismith, head of pensions market development at Scottish Widows, said: "Everyone needs to have an emergency fund. Things will happen that are unexpected in our lives and it's not always possible to borrow to see them through."
People should save independently from their work and state pensions as they will not offer enough financial support in later life.
"These days we can't rely on the government to provide us with a good standard of living; they'll provide the real basics," said Mr Naismith.
Retirement in the UK costs a typical household £413,000, and costs an individual living alone £326,700, according to the 2008 'Cost of Retirement' report issued by Life Trust Insurance.
