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Over 50s 'must save early to fund retirement plans'



Scottish Widows has emphasised the importance of diligent saving for over 50s with potentially expensive retirement ambitions.

A pension provider has called for over 50s to begin financially planning their retirement as soon as possible if they wish to make their hopes for the future become a reality.

New research conducted by Scottish Widows has revealed that around half of pre-retirees have ambitions of travelling the world after finishing work, while others are planning to improve their homes or spend time with their families.

However, the firm warned that over 50s are also the group most likely to have seen their savings impacted by the recession, which could place these plans in jeopardy.

This would appear to be borne out by a recent HiFX report which suggested that many over 50s living abroad are being forced to return to the UK due to the effect currency fluctuations have had on their savings.

As a result, Ian Naismith, head of pensions market development at Scottish Widows, advised older people to make sure they put money aside now to provide enough funding for the future.

He said: "For aspiring globetrotters, the message is that you need to save early and save consistently."



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