Most retirees are confused by the complexities of pensions and tax legislation but are refusing to seek financial advice, an LV= study suggests.
The firm says seven in every ten individuals surveyed for its ‘State of Retirement’ report feel legislation is changing so fast that information on what is ‘right’ one month, may be ‘wrong’ the following month. In addition, it says 56% of those surveyed have yet to seek professional financial advice, representing a “massive opportunity” for IFAs according to Rodney Cook, LV= life and pensions managing director. “Over three million pre-retired households are yet to take any professional financial advice, which is worrying as so many people facing retirement admit that they don’t understand...
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