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Financial preparation 'vital for retirement'

By Tom Farley, Wed 1 Sep 2010 - Published in Pensions

People have to make sure they are preparing financially for retirement, even if they are not happy with pensions, it has been suggested.

Hargreaves Lansdown's Danny Cox told Unbiased.co.uk that some people have been putting off taking out a pension, but urged then to save for their retirement in some form.

"If pension products aren't right for you, there are lots of other good alternatives, including a tax-free Isa," he commented.

Mr Cox also pointed out that if people rely on the state pension to fund their income, they will have to survive on around £132 a week - which is just enough to cover the rent of a one-bedroom flat in Bournemouth without money left for food or bills.

In addition, the expert recommended that people diversify their retirement planning so they receive income from a range of sources, such as private pensions, Isas and property.

Last month, MGM Advantage found that only five per cent of the UK's adults aged 55 and over think they are fully prepared for their impending retirement.