Many people are still in the dark
Posted on Apr 24, 2018
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While we’ve been busy telling our clients about pension freedoms and what it means for them for a while now, new research shows that there is still a lack of awareness out there among those approaching retirement about these changes.
The research by YouGov reveals that around 4.5 million adults aged between 50 and 64 are potentially in the dark about pension freedoms, many more men than women know what the changes mean and, worryingly, only a third of people aged 50-64 who are yet to retire plan to seek financial advice in the future.
We’ve found, over the time, that many people think retirement planning is all about pensions and if they haven’t been paying into a personal pension, then there’s nothing much they can do. However, retirement planning isn’t just about pensions.
At The Goodman Partnership, we will look into all your retirement income options and help you look at how and when you might draw benefits from any arrangements you currently have.
In simple terms, pension freedoms means benefits may be drawn from pension plans at any time after the age of 55 and you don’t have to retire from work in order to draw benefits. The two main methods of drawing benefits from accumulated pension funds are an annuity purchase or a flexi-access/income drawdown.
We have built our reputation on advising people at or near retirement, so these pension changes have certainly seen our workload increase, as our clients come to us for advice. And that’s the important message here – as some options are set in stone and not flexible, proper advice at this stage is key, as it helps people to weigh up their options and make the best decisions for their future.
To find out more, call us on: 01892 500600.