Over-50s too optimistic on savings

Press Association
Notes and coins
Notes and coins

The over-50s are "sleepwalking" towards their retirement by underestimating how long they will live and being overly optimistic about how well off they will be, research by pensions experts has warned.

A report by the Institute for Fiscal Studies said savers with a defined contribution pension typically appear to be "somewhat optimistic", and some would have to grow their pension pot by almost 80% to meet their retirement expectations.