The UK\u2019s decision to leave the EU has left over two million[1] people planning to change their retirement plans.<\/p>\n
It\u2019s undoubtedly a thought-provoking time for many approaching retirement and even more difficult for retirees to know what is right for them. It\u2019s essential you have access to professional financial guidance and regulated financial advice at a time when you are deciding how you will receive an income for the remainder of your life.<\/p>\n
It\u2019s also important to have a clear understanding of the options available if you don\u2019t want to delay and do want to retire now \u2013 for example, a fixed-term annuity offers a guaranteed income for a set period without tying someone in for life. No matter what anyone decides to do, taking professional advice at retirement has never been more important.<\/p>\n
Findings from LV= research has revealed that, of those approaching retirement, more than one in four (27%) have changed their retirement plans in some way as a result of the economic environment following the vote.<\/p>\n
Of those changing plans, nearly a third (30%) say they\u2019re definitely postponing their retirement and continuing to work instead \u2013 equivalent to 690,000 people. A similar percentage (33%) are planning to \u2018wait and see\u2019 how the economy pans out.<\/p>\n
Even among those who haven\u2019t necessarily changed their plans, around four in ten (43%) say they would \u2018work on\u2019 rather than retire in the current climate, and more than a third (36%) would wait until Britain leaves the EU before making any decisions.<\/p>\n
Unsurprisingly, the economic uncertainty has left a third (32%) feeling confused about their options, and a quarter (25%) are worried that the vote has affected the value of their pension. However, despite consumers\u2019 uncertainty, it\u2019s very worrying to see that only around one in ten (12%) said they\u2019re now more likely to take financial advice.<\/p>\n
Think about all of your assets \u2013 If you\u2019re concerned about the value of your pension, remember you may have other assets that could help with your retirement, including other savings, investments or equity in your property. You should also make sure you identify any lost pension pots using the Pension Tracing Service*.<\/p>\n
Check your State Pension** \u2013 If you\u2019re eligible to start drawing your State Pension, this could offer you some income without you having to start taking money from your personal or workplace pensions. Finding out how much you\u2019re eligible for is quick and easy to do online.<\/p>\n
Consider different products \u2013 Most people will be familiar with annuities that provide a fixed income for life, and many also know about income drawdown products that allow you to take your money more flexibly. But there are other products available if appropriate, such as fixed-term annuities, which provide a guaranteed income but with the flexibility that you\u2019re only tied in for a set period of time. You can also use a mix of products these days so that your needs are met throughout retirement.<\/p>\n
Most of all, take your time \u2013 Overall, the most important thing is to ensure you don\u2019t rush into a decision, and you take the time to consider all the options available \u2013 after all, it\u2019s your money and it\u2019s your choice.<\/p>\n
*www.gov.uk\/find-pension-contact-details Source data:<\/strong> A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.<\/p>\n YOUR PENSION INCOME COULD ALSO BE AFFECTED BY INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS. THE TAX IMPLICATIONS OF PENSION WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL CIRCUMSTANCES, TAX LEGISLATION AND REGULATION, WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.<\/p>\n","protected":false},"excerpt":{"rendered":" Turbulence in the economy has left many feeling confused The UK\u2019s decision to leave the EU has left over two million[1] people planning to change their retirement plans.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/1849"}],"collection":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1849"}],"version-history":[{"count":0,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/1849\/revisions"}],"wp:attachment":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n** www.gov.uk\/check-state-pension<\/em><\/p>\n
\n[1] There are 17.6 million over-55s in the UK (ONS population maps). 10.2 million are over 65, and of these around 1 million still work (DWP). This leaves a population of 8.4 million UK adults aged 55+ and NOT retired.
\nOf the over-55s surveyed, 27% said they\u2019d changed their retirement plans somehow due to the vote to leave the EU (equivalent to 2.3 million people). Of these people, 30% said they would definitely postpone retirement and continue working as a result of the economic environment. 30% of 2.3m = 690,000 people postposing retirement.
\nLV= commissioned Opinium Research to conduct bespoke research among a sample of 1,000 UK residents who are over 55 years of age and NOT yet retired. Surveys were conducted online between 8 and 14 December 2016 and are nationally representative.<\/em><\/p>\n