This is one of a series of questions posed by the FT writes Josephine Cumbo.
The FT writes in answer to the question above “Since lockdown began in March, a rising number of over-55s have tapped into their pension pots. Recent figures from HM Revenue & Customs showed 347,000 people in this age group withdrew cash from their pensions over the three months to September — a 6 per cent increase on the same period last year. During the same period, a record 314,000 workers lost their jobs.”
“Assuming that your pensions and Isas are invested rather than in cash, and that your pensions are not defined benefit company schemes, a key point to consider is whether these have recovered fully from market falls,” says Christine Ross, client director at Handelsbanken Wealth Management.”
Yes, but what if you do not have a choice? If at 55 you have no job, no income, it’s Hobsons Choice. However, the majority of people at 55 will have a choice. If you have a choice, it means you have thinking time. That’s what you need to focus on…not action.