Will the best pension annuity rates be enough for the many millions of people in retirement? Around 14.5 million people expect their income needs to increase through retirement, so no. A quarter of non-retired adults have not started to plan their retirement income just yet, but 20% (6.4 million) non-retired adults will not seek professional financial advice on their retirement needs. New research reveals that 60% of non-retired adults are concerned about the effect that inflation will have on their future income in their retirement, but over six million will not bother to seek professional advice. The survey from retirement specialist MGM Advantage illustrates that concerns over the impact of inflation rises to 70% of non-retired adults aged 45 to 54 and to 78% for those aged 55 to 64 years.
The latest Inflation Report coming out from the Bank of England states that economic conditions remain uncertain in the near future while in January there was the biggest year on year hike in the Consumer Price Index (‘CPI’) since records began. MGM Advantage warns that this is already having a dramatic impact on the income available to those people in retirement and that the situation could get worse unless those nearing retirement take steps to do something about it. Getting the best annuity rates will help a little.
