Analysis of HMRC data* highlighted the fact that pensioners are continuing to save for their future and to increase their retirement funds in later life. The latest HMRC statistics reveal that the average value of an ISA held by someone aged over 65 now stands at £47,000. This an increase of £4,500 compared to the previous year. The extra money is being used alongside their personal pension when extra expenses come around.
A YouGov survey by Zurich* has revealed that most retirees in pension drawdown are unaware they can vary their level of income drawdown. And, perhaps most alarming, the research found those not receiving professional finance advice were more likely to be potentially missing out in retirement.
Drawdown is one of the key buzzwords used in the financial industry, whether that’s relating to pensions or equity release. Since Pension Freedoms, introduced in 2015, Pension Drawdown has become a popular choice for people when looking to take an income from their pension.
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If you are counting down the days, weeks, months and years until your retirement day, you may want to reconsider taking early retirement. Working into your 70’s can bring many benefits to you personally. Mental and potentially physical happiness, as well as extra income you can invest in your pension.
Since pension freedoms, a pension annuity has experienced something of a drop in popularity. Income drawdown has become increasingly popular, and many people have taken to the idea of being able to access money when they need it. However, it’s worth giving pension annuities a second thought – it might be the best option for you.
