The Prudential is warning people that the current state pension cannot be relied upon to provide a decent standard of living.
A spokesman from the Prudential said that everyone should be putting more money aside for retirement from a much earlier age. Without this financial provision there are going to be many people finding life very hard as they reach retirement, something that no-one wants to see.
According to Prudential figures well over a third of people actually lose sleep thinking about the financial pressures they will face in retirement. This situation can be resolved through forward planning and saving over a longer period of time. As long as the pension provision can be afforded by the individual and day to day living can still be enjoyed then early pension planning can transform the future.
As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
Legal and General has today launched a new pension product, called the Portfolio Plus Pension it is designed for customers who want to spread their investment in a large number of funds.
Over 40 fund managers are responsible for around 300 different funds, with customers pension payments being spread between up to 100 of them. Both Legal and General themselves plus independent financial advisors are promoting the new Portfolio Plus Pension, giving customers plenty of choice regarding access to it.
A Legal and General spokesman said that this particular pension option would be ideal for those customers who would like the flexibility inherent in a self invested personal pension.
