Wednesday, July 9, 2008

Millions Review Retirement Plans as House Prices Fall

Many Britons Not on Track for a Great Retirement Due to House Prices Falling

More than two million Britons have reviewed their retirement plans in the past year due to tumbling property prices but a third of the working age population have no retirement plans at all, according to Baring Asset Management. The research also found only 7.5 million people in Britain are now planning on using property to fund all or part of their retirement, compared with 13.2 million last year.

Just 878,000 Britons now anticipate using property as the sole way of funding their retirement contrasting with 3.2 million in April last year. "It’s great to see that less people are relying on property to fund their retirement, but it’s still remarkable that so many people are failing to plan for their retirement at all," says Marino Valensise, CIO at Barings.

Many American Not on Track for a Great Retirement Either Due to Poor Financial Retirement Planning
Four out of five workers aren't saving enough to maintain their lifestyle after retirement, with women being at a disadvantage because of their longer life spans and lower pay, according to a recent study.

On average, employees are projected to replace just 85 percent of their income in retirement, compared with the 126 percent they would need when factoring in inflation, longer life spans and medical costs, the study by Hewitt Associates found.

The study looked at the projected retirement levels of nearly 2 million current workers of varying ages at 72 large U.S. companies and used actual employee balances.

People would need to save from 10 percent to 12 percent of their income throughout their career to keep up the same lifestyle after retirement, said Alison Borland, one of the study's authors.

The study found just 19 percent of workers were on track to do so. These workers typically started saving early in their career – sometime in their 20s – and didn't cash out the savings when they switched jobs, Borland said.


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