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Bank charges: Consult an expert when planning retirement

People who are planning for retirement should consult a financial expert in order to avoid having to pay for things such as bank charges.

Such is the opinion of Martin Bamford, chartered financial planner at Informed Choice, a family owned and managed firm of Chartered Financial Planners, claims that people getting set for retirement should consult an independent financial advisor.

He said: "A lot of people realise pensions are a complex subject in need of professional independent advice when planning for retirement. A lot of people remain unengaged, not just with IFAs, but [with] the concept of retirement as well. 

"There's a big gap between information and advice. Advice is personal and information is very generic."

Mr Bamford added that there is a great deal of information available on the internet and while some of this is good, some is not.

His comments follow research by Key Retirement Solutions, which found that the average pensioner with debt taking out an equity release plan on the value of their home has debts totalling £25,418.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800560108-ADNFCR



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