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Planning 'should begin decades before retirement'

10 December 2012

Investors have been advised it would be ideal if they begin planning their retirement well in advance of the time they intend to give up working for a living.

According to a report by the Financial Times, the perfect scenario would be for individuals to start thinking about retirement planning "decades" in advance.

It was noted by the news provider that there is a need for employers, plan administrators, pension consultants, financial advisers and asset managers to all work together in order to improve the delivery of financial planning services.

"Such an effort could result in a larger asset base. It could also build enviable brand equity among millions of anxious and bewildered pre-retirees," it added.

High stakes

The newspaper stressed how the stakes are high for those coming up to their retirement, although there are a wide range of options on the table for them to consider.

One such choice many could be tempted to make is to unlock money from the value of their property through equity release plans.

These products allow homeowners aged between 55 and 95 to release cash from their house's value that they can put towards ensuring their have a financially comfortable retirement.

Some people may even choose to use the money to help out friends and family members in need of extra money, perhaps to put down a deposit on their own first home.


Speaking to a financial adviser can help individuals to work out what the best way to proceed for them is, with the Financial Times noting: "Financial advisers can also help with more sophisticated planning decisions, such as which risks to hedge and how to hedge them."

Data recently collected by LV= for the annual Working Late Index showed more women than men are expecting to have to work beyond the state retirement age.

Some 4.1 million women over the age of 50 are expecting to retire later according to the study, compared to 2.4 million men in the UK.

Those considering equity release can find out more about the products by getting in touch with the specialists from Key Retirement Solutions.