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Retirees still value guaranteed income


Public demand for a guaranteed income in retirement is still high, despite the fears that the recent pension reforms would spell the end for annuities.

New research from Retirement Advantage has found that certainty of income ranks as top priority for 43% of people aged over 50 when thinking about retirement. Being able to grow or having instant access to pension funds ranked much lower on the list, with only 10% and 14% respectively saying these were their top priority.

The research also found that the average person aged over 50 believes they will retire at 65 and live until 82, giving them a 17 year retirement. The most important requirements for them in retirements were the ability to pay bills, go on holidays, start new hobbies and pay for long term care.

Andrew Tully, pensions technical director at Retirement Advantage, said:
"It’s difficult enough to plan for a year in the future, let alone plan effectively on day one for potentially decades of retirement. People want to know they will be able to cover life’s essentials and still have the flexibility to enjoy life and deal with the unexpected. The challenge facing the retirement industry is to develop products that reflect this new environment. We have to juggle these competing demands, providing the right amount of certainty and the necessary flexibility to help people lead the life they want to live."

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