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Over-55s 'have no plans for retirement'

Millions of adults aged over 55 have not made any plans for their retirement, according to new research.

Figures from Abbey Savings showed that 4.5 million people aged over 55 have not started making plans, with another two million admitting to having not yet considered the issue.

Furthermore, one million people stated that since they will not have enough savings when they retire, they will be forced to continue working.

Reza Attar-Zadeh, head of savings at Abbey, said: "This research shows the potential retirement time bomb that the 50+ generation are facing."

Earlier this month, the Association of British Insurers said that although the state pension does offer some advantages, such as guaranteed payments later in life, it cannot be relied on as a sole source of income.

The firm recommended that people should instead start saving into private pensions as early as possible.

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23/04/2007 14:58:15

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