Half of 35- to 54-year-olds have made no plans for retirement provision

ALMOST half of people between the ages of 35 and 54 have not started planning for retirement.

Alarming figures show, however, that if a person starts saving for retirement at 35, they will need to save around 19% of their net income, assuming the current tax relief is retained. This rises to 24% at 40, 31% at 45 and a whopping 43% at 50.

Actuary and head of business development with Acorn Life, Keith Butler, said it pays to start early. “The fact that only half of all adults have planned for retirement doesn’t really surprise us. The age you start your contributions has a huge effect on the overall cost,” he said.