Investors turn to state pension for regular retirement income
Fewer than a quarter of savers plan to buy an annuity; instead, they are likely to rely on the state pension to generate an income stream in retirement, according to research from CoreData.
Just 22% buy an annuity – should you consider it?
At one time, annuities were the go-to option for those planning their retirement income, but thanks to the pension freedoms, those days are long gone. Now, annuities feature well down the list of income options for many pre-retirees, as many crave the flexibility of investments and drawdown. But is an annuity still worth considering?
Research shows that less than a quarter will buy an annuity
A CoreData Research study surveying over 500 respondents found the most popular way non-retired retail investors plan to generate an income stream in retirement is through the state pension, cited by 67% of respondents.
Annuities rank below all other incomes for retirement
Pension freedoms continue to have a dramatic effect on annuity take-up, with only one in five (22 per cent) people choosing this product to generate retirement income.