News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• May 2012
• April 2012
• March 2012
• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011

Newsletter

Lack of planning 'risk retirement plans'

By Tom Farley, Mon 15 Sep 2008 - Published in Pensions

A poll has suggested people looking to enjoy the retirement jeopardise this by not planning ahead.

The findings, from pensions provider Scottish Widows, claims 49 per cent of the UK is not saving enough for their retirement, while 41 per cent of those receiving a lump sum spend it on mortgages or other debts.

In addition, the Scottish Widows UK Pensions Report 2008 reveals 45 per cent of retirees plan to go traveling when they finish working, with 30 per cent taking up home improvements and 46 per cent spending more time in the garden.

Furthermore, 27 per cent intend to pick up a new hobby during retirement and 9 per cent will take an evening class.

Ian Naismith, head of pensions market development at Scottish Widows, comments: "It's a shame that some people need to spend their hard earned savings on paying off a mortgage or clearing debts. Retirement should be about enjoying life."

Last week, Nicola Plant, partner at Thomas Egar LLP, recommended people make wills as soon as possible, in order avoid any problems that could be created by intestacy.