Retirees banking on 10% withdrawal rate 'will drain pots in a decade'

An Old Mutual Wealth poll found consumers expect to withdraw about 10% of their pot each year to fund their retirement, a stark overestimation, according to the firm. The survey of 1,000 people aged 55 plus conducted in March found the average pension pot was £87,500 and the average amount people expected to take in income each year was £9,000. The firm pointed out that, even with a growth rate of 5% per annum, the findings meant the average pot would last about a decade. Consumers aged 55 plus have been given access to their pension pots from 6 April, when the government's retirem...