Pension savings are insufficient for over 55s reaching retirement.
Retirement capital saved by the babyboomer generation will not be big enough to fund their future lifestyle.
Over 55s have not saved enough money to fund a comfortable retirement, according to research carried out by Aviva Insurance. The study revealed that more than half of the respondents over the age of 55, earning a salary between £20,000 and £30,000, have saved under £30,000 for their future - this works out at just £165 a month.
Clive Bolton, the 'at retirement' director for Aviva, said: "Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost".