Old warn young to start retirement saving early The firm said those approaching retirement age are pushing back their retirement plans by an average of four years, as they re-evaluate what is realistic. Colin Williams, managing director of corporate benefits at Friends Life, said: "This research highlights that there was a distinct lack of urgency in the generation born before the 1970s, a balance which must be redressed by the younger generations today. Many are calling for widespread reforms of the pension system due to fears that the ageing population is failing to put enough cash aside for its later years, which will place a huge burden on the state. The Government has already introduced automatic enrolment - where the vast majority of employees are placed into a workplace scheme by their employer - to try to increase saving rates. Workers can opt out of the scheme however and some experts want to see this option removed so pension saving is compulsory. Others have called for the state pension to be means tested so it only goes to those in need of the payment. Think tank Civitas called for the Government to means test the benefit and scrap National Insurance, instead forcing workers to pay into a "personal welfare account" for their retirement. Civitas said National Insurance is "no longer fit for purpose" and everyone in work should be forced to save into a private pension to help shoulder the burden of rising old age costs. Sign up for all the latest personal finance news