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British people access their pensions earliest


British people choose to access their pensions earlier than anywhere else in the EU, but also work later into older age, research by the European Commission has found.

At the moment, the average British worker accesses their pension savings at the age of 58, which is one of the earliest in Europe. Britain also had a higher proportion, 20%, of people working past 65. This could suggest British savers are neglecting to think about their old age, and may be making poor choices about their future.

Due to the new retirement freedoms coming in next year, there is a fear savers may access their money too quickly and spend it rapidly, instead of saving their money for further into their lives. This can result in older people being forced back into work after they have reached state pension age, as they do not have enough money saved to enjoy their retirement. By contrast, savers who access their pension at age 65 should enjoy a richer old age, making it easier to retire fully at an earlier age, according to advice.

More people in Britain are homeowners than in other European countries, which means older people may be left with large mortgages or secured loans, so may access their pensions as early as possible to reduce that debt.

Need financial advice?

It is important to look at every possible alternative before cashing in pensions to pay off mortgages, and pension savings should be a last resort. If you are thinking about cashing in your pension early, or have any other questions about this subject, please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

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