The majority of UK adults aged over 55 have a limited understanding of how to make the most of their retirement savings, research from LV= has found.
It warned that the findings from its Wealth and Wellbeing Research Programme showed that many people were heading towards retirement while risking their own financial security, as they do not know how different financial decisions could impact their future.
More than half (59%) of over-55s admitted that they did not know how to ensure they will not run out of money in retirement, while almost two thirds (65%) were not sure how to take money from their pensions in a tax-efficient way.
When comparing those with different levels of advice, LV= found that 65% of over-55s who had never consulted a financial adviser did not know what to do with their pension in retirement, compared to 45% of those who had met with a financial adviser.
Nearly a third (30%) of retirees had never heard of a fixed-term annuity, while 51% had not heard of an enhanced annuity.
“The latest findings from our Wealth and Wellbeing Research Programme revealed that many people are confused by the different retirement options to choose from,” commented LV= savings and retirement sales director, Gwen Haggo.
“It can become even harder to plan effectively for the future if you’re not equipped with the correct knowledge.
“The role of financial advice is important to help determine what to do to achieve enough savings for a comfortable retirement, for example saving into a private pension.”
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