Baby boomers face shortfall in retirement income

The baby boomer generation  may experience a shortfall in retirement finances.

Aviva as found that over half of 55s who currently earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which translates to an income of £165 per month.

Clive Bolton, ‘at retirement’ director for Aviva said: “Baby boomers have enjoyed certain benefits such as rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire.

“In the run up to retirement, people should think about how they want to spend their days, and in reality, how much this will cost. Regardless of what pension pots people have, turning them into a viable income is vital, so shopping around for an annuity is an important next step.”

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