The bank that likes to say ‘yes’
Forget the Lamborghini – 2.4 million UK grandparents have either raided their pension to support their grandchildren or plan to in the future. According to research from LV=, a quarter of generous grandparents (25%) who have already given away money to their grandchildren have taken the funds from their pension. A further one in six (16%) plan to use their pension for this reason once they reach retirement age.
REMAINING GENEROUS, BUT ALSO ADAPTING TO YOUR CHANGING NEEDS
The flow of financial support across the generations is a striking feature of the modern family. If you find yourself in this position and are approaching retirement, it’s important to structure your income in a way that offers you enough financial flexibility to enable you to remain generous, but also adapt to your changing needs.