Employees face years of hardship in retirement in the event that they dip into their pension pots early to cowl the price of rising payments, specialists have warned.
Savers are more and more utilizing funds ring-fenced for retirement to ease greater residing prices — 39 per cent of individuals aged over 55 have drawn down their pension and stashed it of their checking account or money Isa, in accordance with a survey by the funding platform Interactive Investor. This was up from 33 per cent the yr earlier than, with some savers dipping into their pots to repay debt as rates of interest rise.
Of the 9,000 employees surveyed, 38 per cent stated they have been nervous about working out of cash, whereas greater than half of these aged 41 to 55 anticipated
