Professional contractors urged to seek retirement advice

Date: May 21, 2010

Category: Finance for Contractors

Freelance contractors who are approaching retirement should take professional financial advice to ensure they are properly prepared, it has been advised.

Figures from Prudential have revealed that just one in five Brits who are planning to retire this year have sought help from a financial expert.

Instead, nearly three-quarters turn to friends and family, newspapers, magazines and the internet for guidance.

These sources can be valuable, but should not be relied upon alone, said Vince Smith-Hughes, head of retirement income at Prudential.

Speaking to a professional remains the best route to ensure retirement planning is adequate, he continued.

The need for preparation ahead of finishing work will remain even though it seems many professional contractors are set to carry on in employment past the state retirement age.

Tom McPhail, head of pensions research at investment management firm Hargreaves Lansdown, said people could have to work longer 'like it or not'.

Posted by John Crawley