Why do people look to property as part of their retirement plans?
One attraction to investing in bricks and mortar in retirement is being able to see the physical asset, which you can’t in the same way with a pension. The most senior economist in the UK – Andy Haldane from the Bank of England – stated his preference for property investment as the best way to save for retirement, sparking a debate about whether property or pension was the best route 2 years ago.
For many, property investment is one aspect of their savings strategy for retirement and, for those who have already stopped working, an attractive way of supplementing their income.
Taking an active interest in your retirement savings
Millions of savers currently spend very little time reviewing their pensions, with more than a quarter of savers (28%) admitting to never reviewing their retirement savings, while almost a fifth (19%) of those with a pension said they review it less than once every five years according to figures released by Aviva.
Gender also has a role to play. The number of women who are not engaged with their pension is particularly high, with almost a third (32%) saying they never review their savings, compared to a quarter (25%) of men.
It would be foolish not to review your Pension in 2016. Especially if you are within 20 years of using your pension funds. When you save into a pension it’s important to think about where your money is invested and to review your investments regularly.