Many retirees deplete their retirement savings a full decade before they die, after treating them more like a financial windfall than a source of steady income for life. Insurer Legal General has labelled this the “ Lottery Effect ”, where overnight access to large sums can trigger impulsive or unsustainable spending. Since 2015’s pension freedom reforms, savers are free to access their entire pension pots at age 55, to spend as they wish. Making the money last for life requires discipline but n
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2025-02-22 00:00:00.0