29th May 2016
Jonathan Watts-Lay, Director, WEALTH at work, comments on the difficulties individuals have when it comes to planning for retirement.
Watts-Lay comments on how planning for retirement can be a very difficult task for many individuals, he says “These are perfectly intelligent individuals, but they lose sense of the right thing to do. Since it is the biggest financial decision they will make in their lives, other than property, it is remarkable people pay so little attention to it.”
Watts-Lay says one way to plan for retirement would be to monitor your pension statement year on year, “Individuals should get a pension statement from each of their providers every year. Get those statements out and add them together for a rough idea of how much you have overall.”
When it comes to retirement Watts-Lay believes individuals should be looking into all of their options at retirement, not just taking out tax free cash, he adds: ‘Some people take their tax-free cash because they are told they can and then simply invest it. But that is taking money out of a tax-free environment and putting it into a taxable one. That only makes sense if you need to pay off debt.’
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