Pensioners face “miserable time” if they don’t save

Retirees could find themselves facing financial difficulties if they rely on the state, says one expert.

A spokesperson at investment management firm Hargreaves Lansdown commented that people on a government pension receive £100 a week and could be in for a torrid 25 years after retiring.

Pensions analyst Laith Khalaf said: “The sooner you can start saving for a pension the better. Indeed saving into any other kind of vehicle … as long as you are putting some money aside for retirement.”

People may delay the decision to start putting money aside because they feel it is too early to make plans, he added.

Mr Khalaf’s remarks come after the fifth annual future of retirement study by HSBC, which revealed that 13 per cent of those surveyed have not made any arrangements for when they leave work.

A further 76 per cent did not know where they would obtain income upon retiring and 37 per cent had never received professional advice on the subject.

By Francis Finch