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Baby boomers urged to review pensions

Baby boomers urged to review pensions

Category: Pensions

Updated: 16/03/2009
First Published: 16/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Almost two thirds of so-called baby boomers have not recently reviewed their retirement plans, despite the significant impact that the financial crisis is likely to have had on their pension pots.

According to The Hartford, 65% of those aged 45 and over continue to adopt financial behaviour firmly fixed in the pre-credit crunch era.

Just over a quarter (26%) say they are either committed to a plan of action and are unwilling to change it, while 23% believe that it is something that has been caused by other people and there is therefore nothing they can do about it.

"For the huge swathe of baby boomers approaching retirement, there is an opportunity to adopt post-credit crunch behaviour," said retirement expert and IFA, Billy Burrows.

"For example, people must see retirement as part of their continuous journey rather than a set retirement date. People must have a wide range of investments and appreciate that property will only form a part of their retirement assets. And, perhaps most importantly, people need to seek the advice of financial advisers and other trusted partners."

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