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Pension saving can be achieved in a number of ways, but often involves putting away money for a significant number of years to accumulate enough. With financial circumstances tough at present, some people may be loathed to divert income away from their day to day lives towards their future. And according to the latest research, many have not been saving amply enough for their retirement.
As a result, it is likely many more people will be driven to borrow during later life, putting a strain on their finances.
TISA has therefore called on the industry to actively consider the later life lending market and provide more support.
Ruth Moore, Executive Director at TISA, commented on the situation.
She said: “The industry has recognised the need for better Later Lifetime Lending products and services and has responded with the innovation and expansion of choices to meet consumers’ needs.
“But more needs to be done to fully support the growth of borrowing in later life if we are to prevent old age poverty and a reliance on the state pension, which simply isn’t enough to live a fulfilling life.
“People are living longer, with higher levels of debt and lower levels of pension income, coupled with rock bottom savings returns.”
For those who wish to accelerate their pension savings journey there are several steps to take.
Firstly, an understanding of state pension entitlements is key, and this can be gained through a forecast.
The state pension forecast tool enables Britons to see how much they will be entitled to, when, and how they may be able to increase this entitlement.
Secondly, people should check their workplace arrangements, and if any have been misplaced, the Pension Tracing Service can be used to track them down.
Finally, people should consider starting a private or personal arrangement to assist in their savings goals.
If a person has started this kind of arrangement, it is vital it is reviewed regularly to ensure they are on track to meet their goals.
If not, then with pension advice, a person can adjust their savings to help with their retirement.