But while saving for retirement can seem like a distant problem, not saving enough now is a mistake that's incredibly hard to correct later. "Younger people may also be quicker to stop contributions because their pension feels like a more distant consideration, so an easy cost to cut. More, that's money that's tax free - meaning for each pound you reclaim from pensions contributions, you lose £1.35 from your savings on basic rate tax. (Image: Getty)Of course, it doesn't always make sense to keep paying into your retirement savings when you lose money now. "Despite current circumstances proving challenging, we would urge those who have already saved something for retirement to maintain their contributions.

Source: Daily Mirror October 24, 2020 06:00 UTC