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20/05/2011 16:50:10

Can retirement advice help people save for old age?

Retirement advice could be very useful for people who are considering saving up for old age, as the importance of having a comfortable income has become even more important with one-sixth of the population expected to live beyond 100.

According to Friends Life, 38.9 per cent of people consider their home to be a major part of their pension provision, which could leave many people in a difficult situation at the mercy of the housing market.

The organisation's research also found that many people are not taking the appropriate steps to secure a safer financial future, relying instead on traditional sources of pension income such as inheritance and property.

Chief executive officer of Friends Life Trevor Matthews said: "While it's great to see that people in the UK are living longer, we must remember that this … does bring with it financial pressures for which we have to plan."

Head of pensions policy at Standard Life recommended taking practical steps to ensure one's pension nest eggs are not in the one basket.

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