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Retirees face possibility of outliving their pension pot, new research reveals
More than a quarter (28%) of retirees face decisions that could see them outlive their pension pot in retirement, new research by the Pensions Policy Institute (PPI) has revealed.
12 Jul 2018
According to the PPI research, consumer uncertainty about how long they expect to live in retirement posed a significant challenge to retirees trying to make their savings last throughout later life.
The findings raise the importance of including some form of income security when planning for retirement, such as an annuity, to prevent a pension pot being exhausted.1 This reflects Legal & General’s own position on retirement income, which encourages consumers to consider a blended approach to their retirement plan that takes income from a range of sources.
Emma Byron, Managing Director for Individual Annuities at Legal & General said: "We need to do more to raise awareness and champion the role of advice – modern retirement planning needs to reflect the changing nature of today’s retirement. However, providers must also engage customers in the lead up to retirement, without the jargon."