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Pension savings hit by recession

Following the government's plan to raise men's state pension age to 66 by 2016 (2020 for women), and the possibility of future changes being linked to increases in life expectancy projections, now is the time for people to start planning how to make their career or savings last longer.

However, according to the Scottish Widows Pensions Index, the percentage of those saving adequately for retirement has fallen six percentage points in the last year, down to 48 percent in 2010.

While both genders are saving less, women are feeling the pinch more than men, with 43 percent and 52 percent respectively saving enough.

Women over the age of 50 are the most vulnerable group in terms of retirement savings, yet the amount surveyed who said they were saving adequately plunged from 52 percent in 2009 to just 38 percent this year. In fact, the percentage of women over 50 who are not saving anything for their retirement has increased from 22 percent to 26 percent in the last year.

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