This may seem like a simple question, however there are a number of statistics* that mean sensible advice is required to make use of the additional flexibility afforded to individuals in Money Purchase Pension Schemes.
- The UK population is growing but is still aging;
- The number of people aged 65 and over reached £1.1m in mid 2013;
- This represents 17.4% of the UK population;
- The life expectancy of a male aged 65 today is 85 years and 3 months;
- The life expectancy of a female aged 65 today is 87 years and 9 months.
To put it simply – you are a long-time retired, so planning, that is both reflective of your circumstances and aligned with your objectives, is therefore paramount to an enjoyable retirement.
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*Source: New Model Adviser July 2014