Money is the biggest worry for the 50+'s

According to new research from Scottish Widows. Although one does not wish to be cynical there is always a potential conflict of interest when you have pension providers telling us that we all need to save more in pension funds.However, that said data from their inaugural retire-easy report showed that 56 per cent of over 50’s are worried about financial stresses when they retire.

Around 30 per cent of over 50’s were worried about missing the structure in life that came with retirement and 22 per cent in the same age bracket enjoyed their job and didn’t want to stop working.

Scottish Widows recommend that from the age of 30 to retirement age, at least 12 per cent of your salary should be put in your pension pot to ensure an adequate income when retired.

Record number of older workers forced to shelve retirement plans due to financial crisis

A report from the Chartered Institute of Personnel and Developmen shows that 70 per cent of workers aged 55 and above said the financial crisis had left them with no option but to shelve their retirement plans.

The figure was just 40 per cent in the same survey two years ago.The research reveals that private sector workers are the biggest losers.

Only 36 per cent of workers in the private sector have a company pension, compared to 90 per cent of public sector workers.

The research will fuel the debate about 'pensions apartheid', with public sector workers enjoying gold-plated pensions - but almost nobody else.By comparison, few private sector workers even get a company pension, and even fewer get one that will pay for a decent retirement.

Without an adequate company pension, they have no alternative but to keep working beyond state pension age, currently 60 for women and 65 for men.

Private sector workers represent around 80 per cent of the workforce, but more and more are being left to face a financially tough retirement.

The survey, which interviewed around 2,000 people of working age, shows how the recession has escalated the financial crisis facing older workers. When the same question was asked two years ago, 40 per cent of workers aged 55 and above said they would have to work beyond state pension age.

But, just 24 months later, nearly three- quarters of workers are planning to stay in their jobs at an age when most of their parents and grandparents had retired.

This research unfortunately does not mention the other studies which show that more and more older workers want to continue in paid work but they do not want more of the same. Our book discusses this in great detail.

Track down old pensions

Do you have a pension that you have forgotten about? Sounds strange but sometimes people have had relatively short term jobs where they have contributed to a pension scheme and then forgotten about it. There is a free service operated by the Department for Work and Pensions, which is expert at tracking down old pensions, thanks to its extensive database of occupational pension providers. It also tracks down personal pension providers, too. Pension Tracing Service.