Episode summary
Pensions. Most of us have one, but can you rely on it to support you later on in life? Surprisingly, in most cases your pension will not be able to provide you enough income.
In today's episode we talk about the rising age at which people are able to access their pensions, the average amount in pensions, and what else can provide you with enough income if your pension is unable to provide for you.
Episode notes
Most people have a pension of some kind – but can you rely on your pension to provide you with the level of income you require in later life? In most cases, the answer is no.
In 2028 the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge (unless they are retiring due to ill-health) will increase from age 55 to 57. With the average pension in the UK being less than £100,000, that doesn’t equate to much of a monthly payment.
So, if your pension isn’t going to provide you with enough income, what else is? Tune in to find out.
