Pension tips for baby boomers

Wed, 15 Nov 2006

Those approaching retirement should check that their pensions are in order, an expert has warned.

UK adults aged between the ages of 50 and 60, dubbed baby boomers, should plan their pension saving around a number of potential changes in the next few years, claimed Friends Provident.

The pension provider asserted that as many UK adults change their working patterns before reaching retirement, they should plan for the alterations in savings that could occur.

Other advice provided by the company is to take action if the pension pot is not sufficient, or if it is over the tax threshold of £1.5 million.

Jeremy Ward, head of pensions marketing at Friends Provident, said: "People born after the Second World War and during the 1960s baby boom are at an age where they need to carefully review their pension and retirement plans and make provision for any shortfall that might exist in their savings."

A recent study by Fidelity International found that nine out of ten Britons will use up their entire pension fund before passing away, leaving a shortfall in their savings.


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