BlackRock research: 40% of baby boomers not saving for retirement

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The baby boom generation looks set to sleep walk into retirement as 40% have yet to begin saving into a pension, research shows.

Some 63% also held their savings in cash and will have seen the value of their savings decline from £1,000 to £853 over the past five years due to inflation, according to the BlackRock Investor Pulse survey. The generation of 55 to 74-year-olds also underestimated the amount they would need to generate to achieve an annual retirement income of £23,000 by well over £130,000. Taking into account under 55s, the survey found almost a third did not know what at-retirement option they would take as a result of the Budget freedoms. BlackRock's survey also showed 26% of people would keep th...

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