Frightening stats and I suspect the real figures are probably worse as many might under estimate how much they need for retirement, and for how long they will need this.
Figures released last month have revealed that over one in ten (11%) of working people have yet to begin paying into a pension pot. Worryingly, this includes nearly one in ten people in the 51-65 age bracket. The average age at which most people expect to begin saving towards their pension is 46, and almost 40% of people under 50 are worried that what they have saved will only just be sufficient to support them during their retirement. One in five people in the same age group admitted that they will need to continue working beyond the age they planned to retire. The study also revealed that most people hoped to retire at 62, an age which many advisers see as being unrealistic due to increased life expectancy and retirement on average now lasting more than twenty years.