People 'need to plan for old-age'

By Tom Farley, Fri 25 Jul 2008 - Published in Pensions

Financial advisers need to help people compare money-saving schemes so they are well-provided for during retirement, according to Zurich.

Research from the group has revealed that 38 per cent of people over the official retirement age continue working.

Some 36 per cent of those people said they remained in employment because they could not afford to retire.

However, 25 per cent said they carried on working because they wanted to stay active, 19 per cent admitted they were bored and another 15 per cent stated they still wanted to make a contribution.

Dave Lowe, pensions management director at Zurich, said as life expectancy increases whatever people intend to do during retirement it is important to start think about it as early as possible.

He commented: "As more and more people are re-evaluating how they spend their retirement, advisers have an important role to play in helping people plan for their retirement."

Meanwhile, Consilium Financial Planning has advised people should review their wills every five years.

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