Research conducted by a leading pension provider has discovered that consumers nationally have lost £130 million because they have remained with their current lender.
What does this mean for you?
The research found that those who are not looking for the best deals with their pensions could be missing out on thousands of pounds in retirement. Ultimately, this means a smaller pension pot and/or your pension pot not stretching as far as you thought it might.
With your pension potentially not stretching as far as you might have thought, the next question could be to think about what you could be missing out on. With most people, covering more than just the essential with their pension is a given with 57% of those retiring in the next 5 years wanting to cover home maintenance costs and 53% wanting their retirement funds to also cover costs of holidays. Others cited Inheritance, supporting family members with buying a property and long-term care as other priorities for their retirement income. To ensure that all of these goals can be reached, it is important that your retirement fund is sufficient and well planned enough to meet them.
What can be done to help?
Seeking advice from an Independent Financial Adviser can be an important step to enable your pension fund to meet your retirement needs and targets. The same study showed that 75% of those who sought Financial Advice believed they were able to get more for their money. In addition, 19% of those who didn’t receive advice admitted they were worried they might regret it later on, even if they don’t regret it now.
If you are close to retiring and want to assess your options moving forwards, or perhaps you have an eye on your retirement and want to ensure you have a plan to meet your retirement needs, then visit one of our financial advisers who will be happy to support you in reaching your goals. You can contact us using the contact us page or give us a call on 01536 512724.