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Ed Monk, associate director for Personal Investing at Fidelity International, responds to today’s Institute of Fiscal Studies report, The Use of Wealth in Retirement:
“The IFS report reveals a mismatch between expectations of downsizing in retirement and the reality. According to it, nearly 30% of retirees expect to use their own home to provide a source of money in retirement, yet the IFS also reports that the median wealth released by those selling to buy a cheaper home is just £14,000, or 9% of the property value. For those selling in their 50’s the wealth released is just £4,000.
“And that’s without factoring in the actual costs of moving. Any hoped-for windfall is chipped away by attritional costs – preparing the house for sale, stamp duty, estate agency fees, conveyancing. It adds up. The reality of what you can afford and still leave a decent chunk of cash on top may be underwhelming.
“More widely, the IFS report contains further evidence that retirees can be trusted not to squander their savings. Real net financial wealth is drawn down at a rate of little more than 1% a year, the report shows, with those aged 69 to 81 drawing just 14% of their wealth over 12 years between 2002-03 and 2014-15.
“While prudence is to be applauded, this does reveal the difficulty of planning retirement income so as to make the most of savings whilst not running out of money early. It will suit some to preserve their wealth to pass on after death, but others will end up forgoing income unnecessarily for fear of running out.
“Planning your retirement income options before retirement and staying on top of the income your drawing after retirement means you can adapt as circumstances change, and give you the best chance of taking the maximum sustainable income from your wealth.
“The Government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at www.pensionwise.gov.uk or over the telephone on 0800 138 3944. For others, paying for independent financial advice will prove valuable.
“And, of course, making the most of tax-free savings during your working life can only improve financial outcomes in retirement.”
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UK-fintech Provided Over £17.5m in Emergency Wage Advances to More Than 55,000 Employees in the Last Year
PayCaptain, the world’s first B Corp-certified payroll solution, reports a landmark year of growth, with a 73% increase in new customers for 2025 and an average of 70% YoY revenue growth in the last two years. As the cost-of-living crisis deepens, PayCaptain has provided financial agility for 55,000 employees across 260 forward-thinking brands including TGI Fridays, Dishoom, Roadchef, NEOM, Charlie Bigham’s and Monica Vinader dedicated to combining efficient payroll with tools to support the financial health of staff.
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