Baby boomers are urged not to let the further cut in interest rates distract them from long-term planning for retirement.

Savers were served another blow yesterday (5 March) as the Bank of England opted to slash the base rate to a historic low of just 0.5 per cent, but financial services firm The Hartford warns retirement savers not to be distracted.

Michael Rudge, chairman of The Hartford's Facing Retirement Forum, says, ‘Savers will no doubt be disheartened by the latest interest rate cut. However, this should not distract people.

‘The reality is that those saving for retirement need to look more closely at all their investment options and review them on a regular basis. To adopt a head-in-the-sand approach would not be wise in the current time.’

To read more about saving for retirement, click here.