Those nearing retirement are worst off

News from the web:

Pre-retirees have the lowest savings (£8,593), lowest incidences of home ownership (76 per cent) and largest average mortgages (£16,694).

Two fifths of pre-retirees save nothing per month and one fifth still owes more than £75,000 on their mortgage.

Clive Bolton, at-retirement director of Aviva Life, said: "By 2011, there will be almost 18m people in the UK who are over 55.

"This first report shows a worrying picture whereby those who are already retired are actually - to a large extent - financially better off than the pre-retirees.

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