How can Britons take control of their ‘Third Age’?

8 October Reading Time: 4 minutes

What first comes to mind when considering retirement? 

For some, it is a sense of freedom; a time within which a person can break free of their 9-to-5 routine and pursue the things that truly make them happy. 

For others, however, it can be uncertainty. After all, in the current economic climate, the route to retirement may not be as smooth as expected. At the height of the COVID-19 pandemic, research from My Pension Expert found that 9% of Britons aged 40 to 67 were forced to bring forward their retirement. 

Unfortunately, such research suggests that Britons may not have been able to enjoy their retirement – or “third age” as it can otherwise be known – due to the possible financial strain of unexpected retirement. 

Whilst this may seem unnerving, My Pension Expert is here to offer the necessary reassurances that options are always available to individuals, even in the most testing of times.

Flexibility in the Third Age

Thanks to the pension freedoms introduced in April 2015, pensions are now more flexible than ever. Indeed, once individuals reach the age of 55, they are granted the flexibility to do more with their pension than ever before. 

They can take out their 25% lump sum from their pension savings, withdraw income without annual limits and even arrange for a sum of money to be passed onto their beneficiaries prior to their death. Savers don’t even need to purchase an annuity when they reach the age of 75 anymore. 

Such flexibility will certainly offer some reassurances to those who may have found themselves hit with unexpected circumstances throughout the pandemic. That said, individuals may find themselves overwhelmed with a plethora of different retirement finance options. 

From flexible-access drawdowns to invested, fixed term and lifetime annuities, it is understandable that many savers may feel confused about how they can make the most financially savvy decision, which will maximise their pension savings and ability to achieve their desired standard of living at retirement. 

So, how can Britons ensure that they are choosing the right option for them? 

Ask the experts

The good news is that the team at My Pension Expert are available to help guide Britons through the complexities of different retirement options. 

The journey begins when a client contacts one of our Retirement Technicians; they discuss an individual’s current financial situation and explain the various options available for them to consider. What’s more, the team can answer any initial questions the client may have about different retirement income options. 

Following this initial discussion, an appointment is arranged between the client and one of My Pension Expert’s qualified independent financial advisers. Following a thorough review of the information collected by the Retirement Technician, our advisers are then able to make tailored recommendations for each client to ensure that they achieve the best retirement outcome to suit their needs. 

And, unlike many at-retirement advisers, My Pension Expert searches the entirety of the market to find the best deals for clients – and they undertake most of the administrative duties, should the client decide to pursue the adviser’s recommendation. 

It couldn’t be easier for Britons to take control of their “third age”, even within the context of the UK’s slow post-pandemic recovery. 

Keen to find out more about our process, as well as the different retirement income options available? Download our latest guide below.


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