People should start saving for retirement asap to avoid debt

British people should start saving for retirement asap, advises Robin Ellison of Pinsent Masons Law Firm.
According to Ellison people are living longer but they are not saving sufficiently for this extra lifetime. They aren’t making provisions for the extra years and thus are putting themselves at risk of being in debt in their later years.
Research by M&S Money indicates that 47% of people aged 45 and over are not prepared for retirement and are not saving at all.
One of the best ways to retire in a more financially stable position is by saving for retirement. It is common to use a tax efficient savings product such as an Individual Savings Account (ISA) as part of planning for retirement.
Another way to assist financial stability in retirement is by reducing debts before retiring or eliminating debt altogether.
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