New Survey Shows the Larger your Pot the Longer you Live
A new survey by Equiniti researched 610,000 deceased pensioners and concluded that the more you had in your pension pot the longer you lived. Here is a summary of the results:
- Pension up to £15,000 per year a person lived to an average of 78.8 years
- Pension between £15,000 to £20,000 a person lived to an average of 79.62 years
- Pension between £20,000 to £25,000 a person lived to an average of 79.76 years
- Pension between £25,000 to £30,000 a person lived to an average of 80.21 years
Going by these figures the results seems clear; the better your pension the longer you live.
Of course this is not the only factor in living longer.
The fact is that the wealthier you are the longer you live. You tend to eat better food, exercise more frequently and can afford faster access to healthcare. Also, having the wealth to invest in the pension throughout your working life pays dividends later on.
When this is taking into account, the fact that better pension pots equals a longer life, supports the figures that show health and better incomes are related to one another.
Another aspect that supports this is where you live. Glasgow, traditionally a poor area of the UK has the lowest life expectancy rates in the UK. Men live to 72.6 years while women live to 78.5. Conversely in East Dorset men live to 82.9 years, while in Purbeck, women live to 86.6 years. Both locations have the best respective life expectancy rates in the UK. Again, people that live here tend to be well off.
Topping up your Pension
When all is said and done there is no harm in topping up your pension pot. In fact, the more money you have in it the better, especially if your pension qualifies for Pension Freedom that is coming into play in April 2015. Due to the scrapping of the death tax, it could be worth your while investing in your pension fund rather than a high-interest savings account.
Of course one you are in retirement, managing your financial assets becomes vitally important. Good wealth management will see your money go further, enabling you to have a better quality of life. If you’re an expat, this becomes more important as exchange rates and tax factors make the process more confusing.
Having a larger pot and not using shrewd judgment could see the tax implications hit you hard. New regulations such as Pension Freedom will give you greater access to pensions, but make the wrong move, and your tax implications could be crippling.
To discover the best options take professional advice. I can take a look at your assets and give advice on the best moves for you, and advise on the best ways to avoid tax implications and make your retirement that little bit sweeter. You will probably live longer as a result. Click here.
Source: Money Aol