A spokesperson from the Prudential has made it very clear that saving for old age is vital for everyone, the state pension not even coming close to meeting the needs of people as they grow older.
The current situation is that around twenty-five percent of those planning to retire in the next twelve months will be reliant only upon the state pension, and they are going to find out this is insufficient to sustain their current standard of living. There is also the question of what the state pension will be in the future, a question that worries many. The recommendation of the Prudential is to begin planning for retirement as early as possible, since only by doing this are people in a position to really be in control of their future wellbeing.
Pensions seem to be something far away and not worth worrying about for many, but the realisation that a significant investment is needed to replace a salary can be a jarring one if it comes too late.