Paul Wilcox, founder and Chairman of the WAY Group, comments in the Express on the introduction of pension freedoms and the effect on pensioner incomes as people live longer in retirement:
“There is no doubt that advances in medical science and more awareness of the dangers of smoking and excessive alcohol consumption has created significant gains in longevity in the UK,” said Paul Wilcox, inheritance tax specialist at the WAY Group.
“People are now living far longer, but not saving anything like enough to see them through the many years of much older age which lie ahead for many. There has been a scramble to cash in – and in many cases – blow pension funds like there is no tomorrow.”
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