Certain actions can have a major detrimental impact
Research from the Institute and Faculty of Actuaries sheds light on six critical life decisions that could severely deplete a pension pot by up to hundreds of thousands of pounds. The study focuses on obstacles individuals encounter when saving for their golden years, emphasising the importance of early savings.
Alexandra Miles, from the IFoA Pensions Gap working group, expressed her concern, saying: "It is concerning that an individual could stand to lose a staggering amount of money during some of the most significant moments of their lives." IFoA President Kartina Tahir Thomson has warned that many people may be largely unaware of the hidden costs and the drastic impact that short-term decisions can have on their pension savings over the long-term. She said: "The numbers presented in this report are stark. When we are making some of the biggest decisions in our lives, it is worrying that so much is at stake," reports the Express.
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