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Third of people aim to retire in 50s

Over a third of people in the UK hope to retire in their 50s, according to research by the Million Dollar Round Table.

However, the association is concerned that many people may be leaving a savings plan too late to achieve their goal.

While the majority of the 1,000 people questioned in the survey said they intend to save for their retirement, the findings revealed a tendency to put off saving indefinitely.

Almost two-thirds of working respondents said they would not worry about retirement provision until nearer the time and intended to put their immediate needs before any plans for the future.

More than a third of those already retired said that, although they wished they had saved more effectively for retirement, they did not have enough money to do so while working.

The survey found that 20 per cent of respondents believed the state pension would be enough to survive on during their retirement.

The MDRT believes the introduction of stakeholder in April will be a vital stepping stone in getting more people to save for their future and to realise their goal of retiring early.

President Tony Gordon says: “Retirement may seem a long way off for most of us but we now live in an era where the onus is on us, as individuals, to plan and save for it. Putting a financial plan in place early on in life not only spreads the cost of saving but also gives valuable peace of mind.”


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Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.


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