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Retirement planners told to focus on the later years

More awareness is needed of the importance of managing money in the first 10 years of retirement to be financially sound in the later years, says Life Trust.

Speaking to Money Marketing at the IFA Consortium Key Adviser Forum in Rome, national accounts director Marcus Henderson said too many advisers focus on the early years rather than planning for the later years of retirement.

Life Trust says its product works alongside a pension but is targeted at the later years. Payouts start between 75 and 80 and run for 20 years.

Henderson says increasing longevity further supports the need for long-term planning.

He says: “There are 1.2 million people aged over 85 in the UK. That figure is estimated to double in the next 20 years and triple in the next 30 years. The pillars of support for retirees are not the family, employer or Government for most people, it is up to individuals to provide for themselves.

“IFAs should be looking to help clients balance their short- term income aspirations with the reality of surviving to a much greater age.”

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