One in four people thinks they won’t live to draw a pension

Sad statistics
Sad statistics
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More than a quarter of people in the North West believe they will die before they can draw their pension, according to a new survey.

Figures revealed by Manchester company Expert Pension Claims show not only that people are having serious doubts about financing their later years, but that they may not live to see their pension money at all.

The region compares similarly with the national stats, as 25.2 per cent of the UK also fear they’ll not be alive in time to draw funds.

Pensions expert Caroline Anstee said: “If more financial education was available then everybody would understand more and therefore not worry as much. Unfortunately, most people do not address the future, so when they get to making decisions about retirement, they have left it too long.

“So advice is vital and it’s never too early to understand and think about the needs beyond working life. By going through a cash flow forecast of needs now, future plans can be made.

“The media does not help as they state things like if you don’t have £1m in a pension, you will be poor in retirement. Everyone’s situation is different, and not everybody is reliant on pensions alone, so it is important to take a holistic view then plans can be made.”