If you take an income from your pension without advice, there’s a risk you could run out of funds due to the alarmingly high withdrawal rates.
The latest data from Moneyfacts suggests retirees are withdrawing their money at unsustainable rates.
The research found that 70% of people who withdraw an annual income from their pension withdrew 4% or more of the value, almost 30% withdrew 8% or more, and around 13% have fully exhausted their fund.
The study also states that those who do not take advice are more likely to run out of funds than those who seek professional advice.
According to Moneyfacts, there are three times more non-advised drawdown customers with fully depleted funds than those who have sought professional advice.
It can be difficult to understand your options, but we’re here to help.
Here at Edward Mellor we have spent more than 30 years serving our clients’ ongoing financial needs.
If you’d like to speak to someone about your pension, we have a dedicated team of highly trained experts on hand to help you make the most of your money. Simply complete our online form to receive free and friendly advice from a professional.
Alternatively, call us on 0161 443 4840 or email us at [email protected].