Over-50s slash retirement savings
Britain’s over-50s have reduced their retirement savings by nearly £18 billion over the last year, according to new research by LV=.
The pensions, investments and insurance group found 21% of those approaching retirement have reduced their retirement savings by an average of more than £300 per month in the past 12 months.
In the same period, just one in 12 of the UK’s non-retired over-50s increased their pension savings.
The poll also found that over a third of over-50s are relying on a strong economic recovery to fund a comfortable retirement.
LV= said those approaching retirement should resist the temptation to dip into their pension savings.
“Britain’s over-50s have already seen their pension pots damaged by the economic crisis, and now many appear to be diverting still more money away from retirement saving to deal with immediate pressures,” said Ray Chinn, LV= head of pensions.
“We urge those already close to retirement not to give up on saving at such a crucial time.”