Pensions - Articles - Looking at alternatives to achieve retirement goals is key

 As we read about high numbers of people who believe they will never retire, Nick Elphick, managing director of Specialist Products, AXA Wealth, argues for the need to think about alternative options to achieve retirement goals:

 "As we witness significant demographic changes, and with the ongoing conversation about retirement planning, it is unfortunately not surprising to see that many people believe they will never retire. Given the wider economic environment and the need to meet the demands of living in the here and now it is understandable that there is scepticism about the promised ‘golden years'. Worry over ensuring sufficient funds is nothing new but now more than ever it is important to find alternative solutions. Whilst the increased focus on annuity rates and the promotion of the Open Market Option are positive steps, they are simply not enough.

 "Those planning for retirement must seek advice for comprehensive planning that considers the full range of options available including investments and alternative products, for example drawdown, to deliver a retirement income. Recent research from AXA Wealth, which shows that the average shortfall in pension provision for UK adults is more than £4,600 per year, demonstrates the scale of the challenge ahead. The government, financial services industry and providers need to work together to ensure that proper retirement planning becomes the focus it needs to be."