Britons lead the world in terms of retirement planning, according to the latest figures, which may be of interest to the pensions industry.
Pensions research from retirement specialist Axa suggests that the average Brit starts making plans for when they retire from the age of 28 years old.
By way of comparison, Americans start preparations at the age of 30, while the French begin planning at 31 and Spaniards leave it the latest of all - not thinking about retirement until the age of 33.
Other than arranging a company pension, one option chosen by many homeowners is to look into the possibility of arranging an equity release scheme for their retirement.
However, Steve Folkard, head of pensions and savings policy at Axa, warned that many people change their mind about home reversion plans or lifetime mortgages when they near pensionable age.
"By the time they retire, people are often loathed to move away from their friends and family or rob their children of their inheritance by handing over their home to an equity release company," he said.
The current retirement age for men is 65 years old and for women it is 60.
At this point, they are typically entitled to receive a basic state pension.
Britons lead the world in planning for pension years, study shows
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Britons lead the world in planning for pension years, study shows
Fri, 02 Mar 2007
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Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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