To avoid this great work being undone when an individual decides to take their retirement benefits, it’s crucial that retirees have access to good quality information and support so that they can make informed choices.
Here are some recent trends in retirement choices which could be potentially financially damaging, if ill-informed decisions are made:
(source: https://www.fca.org.uk/data/retirement-income-market-data#key)
The decisions that need to be made when someone takes their benefits can be complicated, are often irreversible, and can be costly in terms of fees and unforeseen taxes - not to mention the financial consequences of making the wrong decision.
The fact that people are accessing their pension pots without taking formal advice or impartial guidance first is a red flag that suggests trouble is storing up for the future.
We believe that with the right support structure it doesn’t have to be this way. That’s why we developed Aspire to Retire.