Pensions warning for Brits
Many British people are in danger of running out of retirement income by the time they reach the age of 85, according to the latest pensions advice from Lincoln Financial Group.
The firm conducted research which revealed that 41 per cent of the population will not have enough money to support themselves past this age.Furthermore, 11 per cent do not believe they will definitely have enough to last until they are 70.
Nevertheless, 57 per cent have considered how they will manage their retirement income, with 37 per cent planning on distributing it evenly after retiring.
"Increasing longevity means that it is more important than ever for people to seek financial advice to work out a retirement plan that will suit their individual circumstances and provide them with an income for life," said Simon O'Connor, head of products and marketing at Lincoln Financial Group.
Earlier this month, the company published results of a poll of those approaching retirement age, in which it was discovered that 79 per cent want to reduce their inheritance tax bill to protect their legacy..
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