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Over 50s 'must plan their retirement finances'



A finance expert has called for over 50s to plan their retirement finances better.

A financial adviser has called for the over 50s to ensure they have properly planned their finances so that they are adequately funded through their retirement.

Survey results from the Institute of Financial Planning have revealed that around three-quarters of those with grown-up families have yet to put into place a savings plan for their retirement years.

Advice site Morningstar.co.uk described these findings as "concerning", and stated that such a "hand-over-the-eyes" approach could leave many older people out of pocket when they finish working.

As a result, the website suggested that older people look to review both their savings plans and long-term goals in order to ensure their later years are properly financed.

Holly Cook, online editor for Morningstar.co.uk, said: "We can all benefit from a financial spring clean."

This comes after insurer Aviva last month advised over 50s to ensure they have a range of finance options to provide funding for their retirement plans.



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