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Clive Bolton, Managing Director of Protection, Savings & Retirement at LV=, said: “Planning for retirement can be complex but it is important to get right. People approaching retirement need to take some time to think about what they want to do when they eventually stop work, the lifestyle they want and how much it will cost.

“There are several simple steps that people can take to increase their confidence of being able to pay for a comfortable retirement.

“People in work should join their company pension scheme and make the most of an employer’s contributions. Self-employed people should consult a financial adviser and consider setting up a private pension.

“It’s also a good idea to regularly monitor the size of your retirement funds, including the expected state pension to know if you’re on track.

“People have a series of big decisions to make as they approach the end of their working life and each one can make a huge difference to their retirement. Taking financial advice is an excellent idea.