Workers must plan ahead for retirement with savings accounts

Older people have been advised to consider what they are planning to do in retirement before beginning to store money in  such as .

Sarah Pennells, editor of online resource Savvy Woman, suggested there is no set amount of cash that everyone should try to put away in packages like  for their later years, as the figure required to be able to live comfortably is entirely dependent on what lifestyle an individual will lead after permanently finishing work.

However, as a general rule of thumb, Ms Pennells indicated that starting to think about the financial implications of retirement around a decade prior to quitting tends to be a good idea.

"The best thing to do is to work out how much you might need when you retire at least ten years before you stop work," she noted.

The expert explained that this timeframe gives individuals enough opportunity to "look at ways of cutting back or making up the difference" should there be a "big gap between what you have and what you'll need".

Research published by AXA Wealth last week (March 30th) revealed that more than 40 per cent of people aged between 16 and 34 who currently invest in a pension plan would like to be able to access their savings early.

In comparison, less than 30 per cent of the so-called babyboomer generation - those between 45 and 54 - indicated the same, which shows how different age groups have contrasting views on how important saving for retirement is.

Meanwhile, Ms Pennells recently said that stashing cash for later life is still not enough of a priority for Britons, as around 33 per cent of those who retire are dependent on a state pension as their primary source of income.