Retirees ‘not fazed’ by market volatility

Most retired people are choosing to keep their pension savings invested in the same place, despite worries about volatile market conditions.

Research by Aegon found that 43% of retirees are concerned about the impact of current market conditions on the sustainability of their retirement income.

However, 67% aren't taking any action as a result of market volatility, and are instead leaving their money where it is.

Only 11% say they are reassessing their investment strategy to diversify it.

Income drawdown allows savers to keep their pension pot invested at retirement and draw an income from it.

This means that while investments have the potential to grow, they can also fall in value and are not guaranteed for life.

Nick Dixon, investment director at Aegon, said:

"It is positive to see that overall retirees aren't fazed by current market conditions, but this shouldn't turn into complacency.

"Retired investors would be wise to reassess their pensions, with the help of a financial adviser, to consider the amount of money they are taking out of their pension pot and ensure their investments are diversified enough."

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