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Bank Charges: Retirement income is 'more than just pensions'

People facing retirement should consider more than just their pension if they wish to avoid bank charges in their twilight years.

According to one financial expert, planning your retirement means considering numerous sources of income during older age, rather than just relying on a pension.

Martin Bamford, chartered financial planner at Informed Choice, said: "It's not just pensions, it's ISAs, savings and any other source of money you can get your hands on."

He added that it is never too late to start sorting out your retirement plans, saying: "Ten years certainly gives you some time to boost the value of your pension pot and boost of your assets."

Mr Bamford was speaking after a report from Friends Life indicated that more than a third of people (38.9 per cent) believe that their home will serve as a major source of income during retirement.

However, the insurance company warned that this could be leaving many people in the UK vulnerable to a volatile property market.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800552255-ADNFCR

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