Young Savers at Risk of being too Ambitious with Pensions
“Savers accessing their pensions early make it harder to plan for their later life, Canada Life has warned, as it found the average age at which people planned to draw from their pensions was 62.
Research from the provider, published yesterday (December 11), found on average people planned to access their private pension at age 62, retire two years later at age 64 and receive their state pension from age 67.
The provider warned that younger savers, those under the age of 55, were particularly at risk of being too ambitious in terms of achieving their ideal retirement goal.
This was because they planned to retire at age 63, having accessed their private pensions at 62, meaning their pension pot will have to last them a long time in retirement.” Read more.