I guess one of the key reasons why people arrive at retirement age disappointed with their pension provision can be attributed to their failure to pay attention to their pension.
Sadly, as a result of not paying attention to their pension when they had the opportunity, many people face poverty and scarcity in retirement rather than freedom and comfort.
I first came across the phrase “Pay attention to your pension” when I got to know a pension specialist living in Toronto. He, Ian Burns, co-authored a book with the same title. This book is targeted at a Canadian readership who, because of increasing longevity, have the potential of facing two thirds of their life living on the pension provisions they have made. It is a wake up call and a reminder to a Canadian population that neglecting giving attention to planning for retirement has dire consequences.
Just in case you are tempted to think that you are glad that you are not Canadian! Have a look at just a few recent random headlines relevant to the UK!
- Workers facing a bleak old age says pension review. BBC News.
- The number of people saving adequately for retirement has hit an all-time low, while aspirations for pension income have risen, a Scottish Widows report has found.
- Millions face retirement on ‘less than minimum wage’ State of retirement survey 2012.
- Most believe ‘retirement is over’. Nearly three quarters of people believe retirement as we currently understand it will not be possible in the future. BBC Newsnight poll.
At iPlanning we believe that the same wake up call is needed in the UK and are considering adopting the same phrase as used by our colleagues in Toronto! PAY ATTENTION TO YOUR PENSION.
Along with being grateful to Ian for the reminder to pay attention to our pension I am grateful to him for letting me share a room with him on my last night at a conference in Philadelphia this year otherwise I’d have been spending the night looking at the stars over Philly!!
Question: How much attention do you pay to your pension? Leave a comment below.
Disclaimer: The views expressed in this post are those of the author only and are not necessarily those of I Planning Wealth Management Ltd. All material in this post should be considered as general information only and should in no way be construed as a recommendation of a specific product or course of action. Each circumstance is different and professional advice tailored to your circumstances should be sought from a qualified financial adviser.