Friday 24th August 2007
Putting "all their eggs in one basket" is a bad idea for Britons when tackling their investments, an expert advises.
Malcolm McLean, chief executive of the Pensions Advisory Service, suggests that making use of a number of investment vehicles could minimise the risk of having a poor income in retirement.
For those with the means to do so, he recommends property as an effective long-term alternative to traditional pension schemes.
"People need to have a retirement plan - its probably better not to put all their eggs in one basket," he explains.
"It is important for people to recognise - in the long-term - it will be down to them to get the standard of living that they want."
He adds that many consumers reach retirement and regret not having invested in property earlier in their lives.
Mr McLean notes that in this way, the perceived reward from property investments "outweighs" the financial return from pensions.
©
Everything on preparing your finances for your children's futures. From Child Trust Funds through to tax planning. Request your FREE brochures here.
