Pension savings warning for millions over the age of 50 – check if you are affected | Personal Finance | Finance [Video]

Pensions and savings: Interactive Investor expert gives her advice

Almost seven million people over the age of 50 have no private pension savings, putting them at risk of retirement poverty.

Around 2.4 million (20 percent) of men over 50 and 4.4 million (33 percent) women are relying on the state pension alone to fund their retirement, new research from SunLife has found.

SunLife’s research found that, of those over 50s who have no private pension savings, nine in ten (92 percent) admit to being worried about money.

More than eight in ten (85 percent) are concerned about the rising cost of living, more than half (55 percent) have a ‘fear’ of sudden unexpected costs, while four in ten (39 percent) are worried specifically about ‘running out of money’ during retirement.

This means that 27 percent of over 50s may face retirement poverty as the state pension alone cannot provide a ‘minimum standard of living’ in retirement’, according to Retirement Living Standards (RLS).

Amongst those who do have …