Saving and investment 'important for retirement'

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Saving and investment 'important for retirement'

Thu 29th Sep 2011

Individuals worried about having sufficient funds to see them through their retirement have been urged to put as much money as they can into savings and investments while they are still earning.

Alan Smith, chief executive at Capital Assessment Management, said the importance of building up a financial nest egg should not be underestimated, although the present volatility of markets continues to put many off from investing and instead they are leaving large amounts of funds in low-interest savings accounts.

He commented: "What people need to consider doing is allocating a percentage of their savings to investments that have got a much greater opportunity to grow and generate income that's going to meet their requirements."

According to Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, the 50p tax for high earners should be scrapped, as it is tantamount to a tax on job creation and success.

She argued that people in higher tax bands are generally those running businesses and it is therefore unfair to over-tax them in this way.

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