Running out of money remains the biggest retirement fear for over-55s
On 6 April 2015, the Government introduced ‘pension freedoms’, and with it major changes to people’s private pension provision. Once you reach the age of 55 years, you now have much more freedom to access your pension savings or pension pot and to decide what to do with this money
Three years on from the pension freedoms revolution, people are saving more for their retirement while the over-55s are working longer to fulfil their retirement plans, new exclusive research shows. The new rules have led to consumers taking a variety of different choices when investing their pension pots.
WHEN COULD YOUR RETIREMENT INCOME RUN OUT?
If you’re approaching retirement and now faced with greater freedoms to spend your retirement pot as your wish, it is essential to obtain professional financial advice to make an informed decision. Cashing in your pension pot will not give you a secure retirement income.