Are you running the risk of running out of money?
Posted by siteadmin on Thursday 7th of November 2019.
People who do not take advice about their pension are more likely to run out of funds than those who take professional advice
If you take an income from your pension without advice, there’s a risk you could run out of funds due to the alarmingly high withdrawal rates.
The latest data from Moneyfacts suggests retirees are withdrawing their money at unsustainable rates.
Related Link: Financial Calculators
The research found that 70% of people who withdraw an annual income from their pension withdrew 4% or more of the value, almost 30% withdrew 8% or more, and around 13% have fully exhausted their fund.
The study also states that those who do not take advice are more likely to run out of funds than those who seek professional advice.
According to Moneyfacts, there are three times more non-advised drawdown customers with fully depleted funds than those who have sought professional advice.
Need to talk to someone about your pension? Talk to us!
It can be difficult to understand your options, but we’re here to help.
Here at Edward Mellor we have spent more than 30 years serving our clients’ ongoing financial needs.
If you’d like to speak to someone about your pension, we have a dedicated team of highly trained experts on hand to help you make the most of your money. Simply complete our online form to receive free and friendly advice from a professional.
Alternatively, call us on 0161 443 4840 or email us at pensions@edwardmellor.co.uk.
Related Links
FCA finds half of pension pots accessed without advice
Retirees in drawdown ‘withdrawing too much from their pension’
Please note: by clicking this link you will be moving to a new website. We give no endorsement and accept no responsibility for the accuracy or content of any sites linked to from this site.