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Outliving finances

Freedom to access pension savings is very welcome, but short-sighted decisions could result in people outliving their entire savings

18 May 2015

So, when will your client die then? I'll need the exact date of death please.

OK. I can see that you're going to have to get back to me on that, but if the client is planning to take income from their pension without the use of an annuity, they're going to have to make a reasonably accurate assumption about their date with Mr D.

The list of assumptions that need to be made in order to formulate a robust retirement plan is very long and I won't rehearse it here, except to say that the fundamental blind spot I encounter most when first working with people, is their inability to think meaningfully about their life expectancy.

Of course, most of the assumptions we make when formulating a retirement plan will be wrong. This is why it is prudent to engage in regular planning, rather than just drafting a plan. Nearly all of it will ne...

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