Children miss out as pensioners splash their retirement savings on having fun

Increasingly, pensioners square measure disbursal their nest eggs on luxury holidays, once-in-a-lifetime adventures and property abroad, new analysis shows.

But this behaviour may backfire with several remotion their pension pots too early.

Seven out of ten Britons say their retirement savings square measure to relish later life instead of to profit relations, in keeping with a brand new survey by wealth manager Brewin Dolphin.

The firm’s head of monetary coming up with Nick Fitzgerald warned that a lot of may regret taking advantage of latest pension freedoms to withdraw money from their retirement pots.

“A worryingly low variety square measure seeking skilled recommendation and will face spare tax bills on the money they withdraw or run out of cash later in retirement,” he said.

Separate analysis from The Share Centre shows that 5 million folks square measure banking on associate inheritance to fund their own retirement and will come back unstuck if the money is spent or devoured by care bills.