New insight from fieldwork undertaken by MGM Advantage in March 2014, reveals the approach people are likely to take when they have full access to their pension pots for the first time, following the radical changes announced in the 2014 Budget.
Flexibility and choice are great things to have. But with them come the need to make a decision that best suits you and your circumstances.
It could be that a combination of options is best.
The mad 3%?
In a survey of 2,470 adults, including 908 aged 55 or over, the research shows that only 3% of the over 55s find spending their pension savings as soon as they can get access to them the most attractive option.
The conservative 42%?
42% of adults in this age group like the certainty of using an annuity to provide some form of regular income.
The flexible 43%?
43% of the over 55s like the freedom of managing their own money without an annuity but attempting to make sure it lasts throughout their lifetime.
The unsure 12%
The data also shows some uncertainty following the changes announced last week, with 12% of over 55s not sure which option most appeals to them in retirement.
Have you decided what to do? Are you looking for help understanding your options?
We specialise in pension and retirement planning and have done so since 1994.
Sources: mgmadvantage.co.uk