While retirement certainly brings about its share of unknowns, perhaps the most daunting prospect associated with this stage of life is the potential to run out of money.
That fear is widespread, in fact, that 60% of baby boomers are reported to be more worried about depleting their nest eggs prematurely than actually dying. Since the pensions freedoms came in approximately 700,000 people have removed their savings and invested them into some sort of income drawdown product. The complexities of navigating the multiple risks (how long you are going to live, interest rate changes, behavioural, family needs, market values fluctuating (to name just a few) and doing it tax efficiently, make it doubly worrying that a third of that 700,000 invested their funds without seeking advice first.
If you are worried and would like us to guide you through these Wealth Management decisions, please let us know and we would be delighted to help.
