Prudential retirement planning urged

The Prudential is urging people to ensure they plan for their retirement adequately.

Recent research by the company reveals that many young workers will have to remain in employment well into their 70s in order to ensure they have enough savings to provide an income upon retirement.

It is estimated that 30-year-olds who have a lifetime of average earnings may need to continue working until they are at least 74 to ensure a similar financial lifestyle, whilst a 20-year-old may need to work until they are 72.

The study also discovered that over 60 per cent of people between 16 and 34 are not presently saving anything towards their retirement. This lack of planning could have a significant effect on the length of their working life.

"Our research provides a retirement income reality check. Today, many people approaching the end of their working lives take it for granted that they can stop working at 65," said Debbie Falvey, head of retirement planning, at Prudential UK.

"The reality for many is that financially, they will feel forced to continue working into their 70s to make ends meet."