Pensions - Articles - Men to take advantage of Pension reforms, if they have one

 The research also reveals that the average man aged over 55 will cash in £21,143 of his pension after April 6, with women taking out just £4,861. More than one in 20 men (6%) plan to go on the holiday of a lifetime, while the UK car industry looks to be in line for a boost with 5% saying they will finally buy the motor they always wanted. 

  

 Meanwhile one in 50 men (2%) confess they have no intention of telling their partner what they’ll get up to with their pension pot. Indeed 1% plans to leave their other half once the money comes in.

  

 As a whole, a staggering 1/3 (32%) of over 55s don’t have a pension at all, and of those that do a quarter don’t know how much pension they have. Therefore it’s no surprise that 44% will not be cashing in any of their pension and 17% will be cashing in a percentage of their pension.

  

 What will they do with their pension lump sum?

 Those approaching retirement say they will draw down money from their pension to go on a student style gap year. One in nine (11%) admit they would love to take off round the globe, with one in 50 (2%) saying they will definitely head off for at least 12 months.

  

 Many of these will be fulfilling a long-time desire - 5% say they plan to travel because they didn't get a chance to take a gap year when younger. The top destinations on their hitlist include North America (5%) and New Zealand or Australia (5%), while 2% intend to visit China.

  

 Top ten pension pot destinations:
 5% plan to travel to N America
 5% Central Europe
 5% Australia or NZ
 4% W Europe
 2% China
 2% Russia/E Europe
 2% Japan
 1% S America
 1% African Safari
 1% The entire world until the money runs out

  

 Martin Lock, CEO, Silversurfers.com says:

 “Most men say that women are the ones who enjoy shopping and splashing out, but these results show a different picture. It seems that later in life it's men who become the ‘SilverSpenders', even if that means cashing in some of their hard won pension. Perhaps this is due to the sense of freedom they may feel at being able to indulge themselves a bit.

  

 “On a more serious note though, it's the alarming number of people who don't have a pension that we should be concerned about. Without anything to fall back on in retirement the burden will be on the next generation to support them."

 
 British reserve and family values

 The study shows that the typical Brit will draw down 5% of their pension, with men's spending plans significantly higher than women's (planning to take out 8% of their pot compared to 4% for women).

  

 Many admit they are coming under pressure from their children to help them out. One six (16%) say their children could do with assistance from their pension to help them get on the property ladder.

  

 However, just 7% of over 55s say they are actually willing and able to help in this way. Those who may be less benevolent presumably include the 1% planning to fund cosmetic surgery for themselves.

  

 Reassuringly, it seems the over 55s are actually a social and loyal bunch, with family and friends being in the top five things which make them most happy in life, although money and job satisfaction and getting divorced also make their top 10!

 1. Marrying spouse/partner (44%)
 2. Having children (42%)
 3. Grandchildren (27%)
 4. Going on holiday (16%)
 5. Friends (15%)
 6. Hobbies (11%)
 7. Going out enjoying myself (9%)
 8. Money (6%)
 9. My job (6%)
 10. Getting a divorce (3%)