MAIL ONLINE: A generation anxious about retirement: Half of over-55s feel ill-prepared, many plan to keep working and a quarter don't know the size of their pensions

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Sir Cary Cooper, a professor of organisational psychology and health at Manchester Business School, wrote the foreword to Close Brothers' Financial Wellbeing Index 2019.

'The report has produced astonishing findings, and it is absolutely necessary for employees to start planning for their retirement early,' he said.

'Reviewing how much you are saving into your pension a few times a year can go a long way. When you keep track and know how much you are putting away, you can make necessary changes where needed and feel more relaxed and confident about approaching retirement.

'Going forward, we all need to think about the ageing population in the UK. 

'We are living longer and must consider the extra money that will be required to fund a longer retirement, as well as the additional costs of social care.'