Investing for retirement requires your regular attention, and review of your pension and other sources of retirement income.
Over the years 2008 - 2009, falling stock markets and property values seriously eroded wealth, raising concerns among the millions of baby boomers, who were well into their middle age, about their individual retirement accounts and planning for retirement.
Many companies are switching from defined benefit pension schemes, to defined contribution, or have closed the defined benefit scheme to new entrants. Most defined benefit schemes are based on final salary, whereas the pension from a defined contribution scheme depends on how much is paid into the scheme and the investment returns achieved. Defined contribution schemes transfer the investment risk to the employee and require them to take a more active interest in the pension fund performance.
Please consult your employer/pension provider/financial advisor to discuss the options available and suitable for your particular circumstances.
Read also Retirement Financial Planning for more information on investing for retirement