Over-55s 'missing out on retirement funds'

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Over-55s 'missing out on retirement funds'

Almost three quarters (72 per cent) of individuals aged over 55 in the UK could be missing out on valuable retirement funds for the future, it has been revealed.

Data compiled by MGM Advantage showed many Brits are unaware of the implications their health can have on their annuities, as having an ongoing health condition could entitle them to enhanced payouts.

As a result, those approaching retirement are advised to have medical checks before claiming their pension entitlements.

"Clearly more needs to be done in terms of educating those both in and approaching retirement. More information needs to be provided about the benefits of enhanced annuities," commented Aston Goodey, sales and marketing director at MGM Advantage.

Conversely, research carried out by Defaqto recently revealed that more than three quarters of Brits aged under 35 do not have a pensions savings account which they regularly pay into - highlighting a growing problem of saving for the future in the present financial climate.

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