It’s good news for cautious retirees. According to research conducted by unbiased.co.uk and Axa Life Invest, those who seek financial advice when planning their pension and retirement funds are set to invest just under £100 more a month on average, compared to those who go it alone. Those who have saved for retirement with professional guidance have more options and “greater peace of mind”, according to Chief Executive of unbiased.co.uk, Karen Barrett. Planning well in advance, and seeking an advisor’s help ten to fifteen years in advance, has also been highlighted as hugely beneficial. Simon Smallcombe, Managing Director of Axa Life Invest commented on the findings, saying that “Clients need to start with advice earlier rather than later”, He also spoke out urging people to consider their retirement options well before they think they might need to.
Rather than financial advice being something only the wealthy can seek, thanks to the 2014 Budget it will be an option for everyone approaching retirement to get free, impartial advice about their financial future from April 2015. The Government estimates that 18 million people will benefit from access to advice that they may not have previously considered or thought was affordable. Even a modest pension pot requires elements of careful planning and many will find comfort in greater freedoms. This will mean that everyone can access their pension from the age of 55 if they wish to, which opens up many investment opportunities for people all over Britain.
Many choose Peer-to-Peer lending for its high interest rates, when compared to conventional savings accounts, and for its accessibility. The Wellesley Savings Bond also allows investors to earn 6-7% annual gross on their investments, for initial fixed terms of 3,4 and 5 years. Come April 2015, many will start exploring their options, which can only be good news for P2P and the Alternative Finance Sector.
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