Pre-retirees Risking Pension Ruin
‘Retirement Advantage’ have released figures showing that many people are risking having insufficient funds left in their pension pot to financially support them in their later years. In a study comprising of over 1000 people over the age of 50, the majority believed that the annual sum taken from a £100,000 pension pot should be 7%. Pensions expert believe the figure should be almost half that at 4%, with arguments being put forward to promote even lower figures.
There is more responsibility being put on individuals to manage their pension effectively, with an increasing amount of people opting to move away from annuities and use drawdown facilities. With people expecting to take almost double the recommended amount annually it is only a matter of time before their pension funds run dangerously low and they are left in severe financial trouble.
With 29% of the participants admitting that they had no idea what percentage of their pension they should be expecting to take upon retirement, there is an even greater need for those approaching retirement age to make sure they receive professional advice to help them plan their retirement efficiently.
At EFPG we have experienced, qualified advisers who can guide you through the process and help you to plan your retirement, providing you with financial security and peace of mind.
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Contact us for more information, or to arrange an appointment with one of our advisers.