Scottish Widows recommends 'careful planning' with pensions calculator

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Scottish Widows recommends 'careful planning' with pensions calculator

Wed 19th Jan 2011

People who want to enjoy a comfortable retirement should spend plenty of time working out exactly how much money they will need, according to Scottish Widows.

Ian Naismith, savings expert at the company, pointed out that most retirees want to enjoy the amount of free time they have when they finish working, but stressed that they must have a solid financial base to make the most of this freedom.

"Many people underestimate how much money they will need when they retire to have the lifestyle they are accustomed to," he said.

Mr Naismith's comments were made after Scottish Widows published research showing 30 per cent of retirees have found they do not have the funds to get maximum enjoyment from their retirement, while 27 per cent found the transition away from their working lives difficult.

Last month, he applauded the government for removing compulsory annuitisation by the age of 75, but suggested the April 2011 start date for the new legislation may be too soon.

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