25 June 2012

I'm Feeling Sorry for this Person

This person
  • is early to mid 60's
  • is thinking about retiring - or at least moving to a part time role
  • has 3 or 4 pension plans - which they haven't really kept tabs on
  • has various pension quotes - which they don't fully understand
  • has heard that annuity rates are poor - but doesn't know if that will improve or not
  • had some plans for their retirement - but are now wondering if it's going to happen like that
That covers many people, unfortunately. And the reason I genuinely feel sorry for them is that they shouldn't have to understand the ins and outs of pension planning, but if they don't, there is a big chance they will lose out financially. Decisions made at the point of retirement can be final, but can apply for the next 30 years or more.

The alternative, of course, is to ask a financial adviser. Fortunately, that's what people are increasingly realising. Money well spent!

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