If you are struggling with rising living costs, it might be tempting – if you are over 55 – to dip into pension savings. The Guardian can reveal that many, who don’t even turn 55 until next year, are being targeted by pension firms inviting them to “get the ball rolling” now on releasing cash – even though experts say this could be a very bad move for some, as they may end up worse-off in retirement and might even run out of money.
The former pensions minister Steve Webb told the Guardian that while the idea of using pension savings to deal with cost of living pressures such as household bills – or pay for luxuries such as a big holiday – might be “very seductive”, there are lots of reasons why people should tread very carefully.
