AA Pension Scheme

Over 55s are spending more time planning for a new car than preparing for retirement

In a recent study conducted by Legal & General of more than 2,000 members over age 55, around one third spend less than a week making decisions regarding their pension income arrangements. Whereas, 40% claimed to spend more than a week deciding on a new car.

The study also found that 58% of over 55s, who are yet to retire, haven’t started to research the options available to them when accessing their pension pots.

Emma Byron, Managing Director at L&G retail retirement said, “The flipside of the flexibility offered by pension reform, is that we are all now responsible for making sure our pension pots will last through our retirement. But, as a nation, we are not spending enough time thinking about this, and about how we want to use our pension.”

It’s never too late, nor too early, to start preparing for retirement. Could you be doing more to plan for your retirement? 

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