People who want to retire early must plan their income far in advance, one expert has advised, with many likely to seek equity release advice on the matter.
Speaking on a Financial Times Money Show podcast, John Whiting, policy director at the Chartered Institute of Taxation's Tax, said that for many people, the pension age seems a long way off.
He pointed out that many workers who will be caught by the increase in retirement age are likely to be thinking that whatever age they start pension planning, they will just have to carry on working for as long as possible.
However, the amount awarded in a state pension is nowhere near enough for people to enjoy a comfortable retirement, Mr Whiting noted.
"If people didn't realise it already, the state pension [is such that] you may get something when you retire, but it is not going to keep you in a luxury state of living and you really have to top up and plan to top up and certainly think about
it early if you want to retire earlier," he advised.
Ashall Glover Financial Services providing equity release advice
Source: http://www.agequityrelease.com/equity-release-news/posts/items/workers-must-plan-retirement-far-in-advance-1323257100.html
Speaking on a Financial Times Money Show podcast, John Whiting, policy director at the Chartered Institute of Taxation's Tax, said that for many people, the pension age seems a long way off.
He pointed out that many workers who will be caught by the increase in retirement age are likely to be thinking that whatever age they start pension planning, they will just have to carry on working for as long as possible.
However, the amount awarded in a state pension is nowhere near enough for people to enjoy a comfortable retirement, Mr Whiting noted.
"If people didn't realise it already, the state pension [is such that] you may get something when you retire, but it is not going to keep you in a luxury state of living and you really have to top up and plan to top up and certainly think about
it early if you want to retire earlier," he advised.
Ashall Glover Financial Services providing equity release advice
Source: http://www.agequityrelease.com/equity-release-news/posts/items/workers-must-plan-retirement-far-in-advance-1323257100.html
No comments:
Post a Comment