Finance experts are warning Brits against a common myth that could see them making the “biggest mistake” with their pensions - and the three things to do instead
Brits aged 50 and older need to do three things to try and secure their pension funds and retirement lifestyle, according to experts. This starts with those who are hitting the half-century milestone even today.
Experts at The Sun highlighted that the “biggest mistake” people are often guided away from during these appointments is withdrawing their retirement funds more quickly than they need to. This pushes up their tax liability, greatly reduces the return potential on the rest of their investment and could have inheritance tax repercussions. All of which can be discussed with a Pension Wise specialist.
For those that do go into an income drawdown in retirement, the experts urged them to double check their provider charges and shop around if they’re looking at annuities. They warned that buying the wrong annuity can “easily lose pension savers thousands of pounds”. Finally, when a person reaches state pension age many aren’t aware that the payment is not automatic at first. This is because some people choose to delay their state pension, either waiting for a heftier sum to build up or as they continue working past the age of 66.
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