Older generation needs more financial guidance, claims Just Retirement

A recent survey from equity release specialist Just Retirement involving people who are entitled to receive annuity benefits shows that there is a real need for financial guidance from people of retirement age.

The survey, which comprises answers from almost 12,000 annuity customers, revealed that more information on basic benefits, taxation, local care and support services is needed.

A third of respondents said they would like information about the benefits they are entitled to and more than a quarter wanted more information on care and support services.

Nigel Barlow, head of research at Just Retirement, said: “The financial issues facing those in retirement are varied and complex and it will come as no surprise to anyone that there is a high level of interest in further guidance on these issues.

“The route through benefits and tax can be difficult to navigate and many pensioners are actually missing out on something to which they are entitled as a result. Our own research with those receiving advice on equity release last year showed that 24% had not claimed state benefits and some received a useful boost to their finances as a result.

“Many of the questions we deal with from annuitants also relate to the tax system and we have issued guidance on this subject to our customers.”