Tuesday 24 October 2017

Now is the time to review your retirement plan

PEOPLE who have pensions have been advised to review their retirement income arrangements.

Senior consultant at Mercer, Ken Mortimer, said the improvement in stock markets, from the lows seen earlier last year, was cause for optimism.

But there was still a need to radically review pension investments, he added.

People should review the expectations and objectives of their plan and work towards meeting these.

It is fine to arrive at retirement with a small pension, if that does not come as a surprise.

At least every year, perhaps as often as every month or even every week, depending on the investment choices you make, you should be reviewing how much you are building up in your pension.

Other pension advisers also said people should work out what will be in their fund when they retire and assess how this compares with their likely needs.

Mr Mortimer also advised that some funds may incorporate more risk than is appropriate, or may have unwarranted exposure to illiquid assets.

He advised investors to review each fund in their plan -- evaluating performance, style and risks, as well as the overall range of funds offered.

People should also review the level of investment management fees for each fund, Mr Mortimer added.

Irish Independent

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