Over 50’s underprepared for retirement

Just one in four workers aged 50 or over are financially ready for retirement, while shockingly a third have no retirement savings at all.

Those are the stark findings of a report from insurer MetLife entitled “10 Years to Save for your Retirement”. Key findings also showed that 64 per cent of over-50s do not know or even believe they will be financially ready for retirement.

In particular women over 50 seem feel the pressure of being under prepared, with average retirement savings of 34,500,half of the £68,800 that men have saved.

Two-thirds of respondents say their planning has been hit by the recession and for this reason retirements may be delayed for a few more extra years.

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