Retirement plan 'vital part of financial management'

Fri 12 Feb 2010 - Published in Pensions

Providing for retirement is one of the most important financial steps many people will ever have to take, it has pointed out.

Lucy Grubb, spokesperson for the Chartered Insurance Institute, said that people need to ensure they seek reliable financial advice when planning their retirement income.

In addition, she suggested that neglecting to prepare for life after work is the "worst thing" people can do and said that finding an expert to advise is the first step to financial health.

Ms Grubb also claimed that many people are put off planning for retirement because they believe the issue is complicated, but pointed out that the sooner they start to deal with it, the easier it will become.

The representative added that people should be open to looking into all forms of retirement income, explaining: "Pensions are a very important part of financial planning, but by no means the only part. Consumers may be surprised at how achievable managing their finances can be with the right advice."

A recent report by Investment Life & Pensions Moneyfacts showed that pension income has dropped by more than 70 per cent in the last ten years.

News Categories

News Archive

News: Retirement plan 'vital part of financial management'