Paper says -Over 55 fail to save for retirement

I was just reading this article on Ft.com that said “Over 55 fail to save for retirement”. It was citing a report done by Aviva the insurance company. Here is an excerpt:

The Real Retirement Report, released on Wednesday by Aviva the UK’s largest insurer, revealed that people aged between 55 and 64 have lower savings levels, bigger mortgages and are less likely to own their own home than people who have already retired.

The group said people in this age group typically had savings levels of around £8,600, while 40 per cent of pre-retirees admitted they did not manage to set aside any money at all on a regular basis.

So it looks like this generation of upcoming pensioners are going to be worse off than the previous generation as they retired with more savings, lower mortgages and debt. Start saving early and make sure that you have that long term financial goal in mind.