Substantial minority to start drawing on pension early leading to poverty in retirement


#1

Originally published at: http://whichinvestmenttrust.com/substantial-minority-to-start-drawing-on-pension-early-leading-to-poverty-in-retirement/
The ‘liberation’ of pensions by the Coalition Government has seen over a quarter of 55 year old surveyed confirming they’ll start drawing from their pension pots immediately, but the research also points to too many having an overly optimistic view of how long the cash will last. New research from Portus, an employment benefits consultancy…


#2

How could people be so stupid. I tend to think if they can do something as ridiculous as dip in to their pension to pay off their debt at age 55 or go on a dream holiday then they’ve got what’s coming to them.

It’s not the Government’s job to hold people’s hand. they’ve done the right thing by giving people the choice to do as they wish. it’s not their fault some idiot will abuse it to their own detriment.


#3

I agree with that @chrisbu. These are grown adults we’re talking about, for goodness sake can’t they look after themselves!

I am very happy about the pension freedom changes, even though I’m not old enough yet to make use of them.

Personally I think I’ll recycle my tax free cash back in to my pension, when I reach age 55, if that is still an option then but I know what I won’t be doing is pissing that and my pension up a wal of repaying debt and going on once in a lifetime holiday.