One-size-fits-all approach 'not right for retirement planning'

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One-size-fits-all approach 'not right for retirement planning'

Wed 14th Dec 2011

The use of a one-size-fits-all approach to retirement planning is not the way forward to help Brits be financially stable in later life, it has been argued.

According to Defaqto, people preparing for life after leaving employment face unprecedented financial challenges, including longer life expectancy and rising living costs.

Therefore, an emphasis on tailoring retirement saving plans to meet the needs of the individual is now of real importance, as the days of generic saving schemes are past.

Andy Leggett, Defaqto's Insight Analyst for Wealth Management, said: "The number of variables involved in planning for retirement is immense - including pension contributions, investment returns, interest rates, inflation rates, future health, lifespan and the needs of dependants."

Indeed, he noted that advisers must focus on identifying bespoke retirement saving solutions to maximise returns for their clients.

The news follows comments by Dr Ros Altmann of Saga that rising inflation continues to deteriorate saving pots for individuals as they approach retirement.

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