Imminent retirees facing toughest decisions in generations

Imminent retirees facing toughest decisions in generations
Those retiring in the next two to five years have seen their DC pension fall by up to 40%
Aon Consulting launches pre-retirement seminars to assist with financial and lifestyle choices for retirement

For immediate release

LONDON, 21st April, 2009 Since the beginning of the credit crunch, a 60 year old worker with a defined contribution (DC) pension has seen their projected pension fall by 40%, scuppering retirement plans for millions, according to Aon Consulting, the leading employee risk and benefits management firm. These falls mean those imminently approaching retirement are being forced to reconsider their options, often on their own.
Aon Consulting has planned a series of pre-retirement seminars in 2009 for those within two to five years of retirement in order to assist them with the financial and non-financial issues facing them such as:
· Pre-retirement financial preparation
· Financial choices at retirement
· Taxation
· Inheritance issues – tax, wills, trusts
· Options for work post-retirement
· Relationships and replacing the workplace social network
· How to utilise your talent and skills
· Health issues
· Dealing with spare time

The seminars are being held in Birmingham, Bristol, Edinburgh, Farnborough, Glasgow, Leeds, London and Manchester throughout the year.

Helen Dowsey, Head of DC Consulting at Aon Consulting commented: “The advice being given to those saving for retirement has always been, ‘try to pay in as much as you can and invest for the long term’. However, for those looking to retire shortly, looking to the long term is simply not an option.

“Those aiming to retire in the next two to five years need to work within the constraints of the current economic crisis, but they can still take action to maximise their financial position. Once you have retired it is simply too late.

“Retirement also presents changes in an individual’s psychological and physical circumstances so being prepared and equipped for the decisions and changes they need to make will enable people to make the most out of their retirement.

“People close to retirement are often anxious and don’t know where to turn. Many have been with their employer for a long period of time and those employers are in a position to play a crucial role in facilitating the transition to retirement. Not only is providing access to support and advice to those nearing retirement a socially responsible thing to do, it also makes good business sense, significantly enhancing your brand as an employer.”

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