Amid sweeping changes to the pensions market, savers are planning to withdraw an average £27,000 from their retirement fund this year, a study has found.
The new pension freedoms give people far greater choice about how they access their pension savings, from age 55. But unfortunately, they also open the doors to pension scammers making the over 55s a soft target.
A survey of more than 2,000 annuity holders has shown there is a strong appetite for people to take advantage of the proposed changes.
Approaching retirement is an exciting time with a wealth of new opportunities and experiences on the horizon.
In little over a month, pension savers will be given greater choice as to how they take an income from their pension fund.
Almost one in five (19 per cent) of those planning to retire this year will do so with debts outstanding, averaging £21,800, according to new research from Prudential.
The younger generation is more likely to actively save into a pension than their older counterparts, according to data from the Friends Life UK Retirement Savings Map.
The long-term impact of the global economic downturn will be felt for many decades to come, as almost half (41%) of UK workers stopped or reduced their retirement savings during the economic downturn, according to a new report by HSBC.
Schroders responds directly to the government pension changes with the launch of a unique pre-retirement solution.
An optimistic expectation of an £800 a week State Pension is an example of why teenagers soon to enter the world of work need a wake-up call about the importance of saving for old age.
More than one in four Britons (27%) expects to come under pressure to lend their family money from unlocked retirement pots when the new pension freedoms are introduced in April, according to the latest research from the Centre for the Modern Family.
One in ten people (12%) believe their pension income will need to last just ten years.
In the greatest change to the pensions industry in a generation, from April those over 55 will have complete freedom to take as much as they want from their private pensions plans.
At a time when younger people are being urged to make savings to help maintain a comfortable standard of living during their retirement, many people may wish to consider helping their children or grandchildren’s future pension funds from a much earlier stage in life.
A third (32 per cent) of people aged 45 – 64 with a pension would consider using some or all of their pension pot to fund the purchase of a buy-to-let property as an alternative to a traditional pension income funded by an annuity, according to analysis by Direct Line for Business (DL4B), the small business insurer.
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