Baby boomers 'failing to adapt retirement pensions to new realities'
Research published recently reveals that many people in the UK are failing to adapt their retirement pension plans to account for the realities of the credit crunch.
Many people in the UK may are failing to review their retirement pension situation in spite of the impact of the current financial crisis on many personal pension plans.According to research released by The Hartford, nearly two-thirds of baby boomers - those aged 45 and over - have not reviewed their retirement pension plans in spite of the credit crunch and the ongoing instability affecting many markets.
Michael Rudge, Hartford Life's UK managing director, said that many people remain too reliant on property investments to fund their retirement in an era when house prices are falling fast.
He added: "Given the stress and strain caused by the financial crisis, many people are understandably falling foul of classic decision making mistakes."
Earlier this week, Prudential published research which revealed that many people retiring this year are expecting to take home smaller monthly pension payments than they anticipated, because of the crunch.
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