Could flats to rent be a good idea as expert urges to save for retirement?
More people may be tempted to look at flats to rent in the London borough of Redbridge instead of purchasing a house when they hear the comments of one expert.
Alison-Jane Bailey, head of policy and technical development at the Pensions Advisory Service, said the UK is "facing a pensions crisis" and as a result, Brits need to think carefully about how they are going to fund their retirement.
She said the state pension offered to employees does not provide enough income, as many people are living longer and the money will not last.
Ms Bailey also explained many firms are attempting to reduce costs by altering their pension plans.
"We all need to save more and take greater personal responsibility for providing for our income in retirement," she added.
One way in which people could save for their retirement is to reduce their outgoings by looking at flats to rent, instead of purchasing a property.
Her comments come after research from Prudential revealed 32 per cent of those who retire this year will live below the poverty line.
Posted by Charles Mackay
Published 23rd September, 2010
© 2010 Estates IT Limited
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The UK is facing a "pensions crisis" which has led one expert to encourage people to save for retirement.