Mike Morrison, head of pensions development, AXA Wealth, comments on figures released from the Office for National Statistics that confirm people are retiring later.
“Yesterday’s ONS figures confirm the wide spread belief that people are indeed retiring later, and we expect this to rise as state pension age moves upwards.
“As the time spent in retirement increases proportionately, the need to save and invest for this period becomes ever more important. Having a healthy risk appetite at the early stages of saving is vital, so people can take some of the risk off the table as they grow nearer to retirement.
“We know from both our own research, AXA Wealth Self, and the FSA’s Consumer Awareness Survey, that people are currently risk averse and unsure as to their own risk appetite. The only way to properly prepare for retirement is through a professional financial adviser who can help plan the appropriate solution across savings, pensions and investments as well as other asset classes.
“Despite the grim macro picture surrounding unemployment and the economy, preparing for retirement has never been more critical.”
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