-
The Pension Cliff: Why Retirees Risk Running Out of Money 10 Years Too Soon | Katharine Photiou
- 2025/04/09
- 再生時間： 9 分
- ポッドキャスト
-
サマリー
あらすじ・解説
Episode Summary:In this episode of The Cashflow Show, host Clayton M Coke is joined by Katharine Photiou, Managing Director of Workplace Savings at Legal & General (L&G), to unpack the dangers of early pension withdrawals. Katharine shares powerful insights into the "lottery effect", why many retirees outlive their pension savings, and how strategic planning, education, and smarter industry reforms can help people retire securely. Whether you're early in your career or nearing retirement, this episode delivers actionable guidance to help future-proof your finances.Key Discussion Points:The “lottery effect” and psychological pitfalls of accessing pension savings too soonWhy retirees are emptying their pension pots nearly a decade earlyFinancial education’s role in long-term retirement outcomesThe gap between financial guidance vs advice and how it impacts retireesPractical ways to balance enjoying retirement while avoiding a financial shortfallKey industry reforms and policy shifts on the horizonFour essential tips for boosting your pensionKey Takeaways:Impulsive withdrawals can drastically reduce retirement securityFinancial education should start early, ideally in schools and through employersFree guidance services like MoneyHelper and Pension Wise are underusedBlending part-time work and delayed pension access can extend retirement incomeConsolidating old pensions improves visibility and long-term managementNotable Quotes:🗣️ “The problem is that sudden financial freedom can trigger the lottery effect.” – Katharine Photiou 🗣️ “It’s never too young—or too late—to start saving for retirement.” – Katharine Photiou 🗣️ “Retirement isn’t a cliff edge anymore. It’s more of a phased transition.” – Katharine Photiou 🗣️ “Guidance might not replace advice, but it can empower better decisions.” – Katharine PhotiouActionable Insights for Businesses:Employers can drive pension engagement through in-work financial education programs.Pension providers should embrace digital platforms for better user access and interaction.Encouraging pension tracking and consolidation tools improves member awareness.Support government-backed initiatives like the advice-guidance reform consultation.Resources:🧠 MoneyHelper: Free, impartial money and pension guidance📘 Pension Wise: Free support for people over 50🔎 Legal & General: Workplace pension services – legalandgeneral.comThe Cashflow Show can be reached here:Website: www.thecashflowshowpodcast.com Email: thecashflowshowpodcast@gmail.comTwitter: https://twitter.com/thecashflowshow Instagram: https://instagram.com/thecashflowshowpodcastSupport us via our sponsored & affiliate linksOur Buy Me A Coffee Link | buymeacoffee.com/thecashflowshowOur Patreon Link | https://www.patreon.com/TheCashflowShowPodcastOur Ko-fi Link | ko-fi.com/thecashflowshowpodcastV1CE Sustainable Business Cards | https://v1ce.co/?ref=b13m2858soTo sponsor or advertise on The Cashflow Show Podcast, contact us at thecashflowshowpodcast@gmail.comClayton M Coke can be found here:LinkedIn: https://uk.linkedin.com/in/claytoncokeWebsite: https://www.prmsltd.co.ukEmail: info@prmsltd.co.uk Twitter: https://twitter.com/prmsltd Instagram: https://www.instagram.com/prmsltd/ Our theme music is called "The Mediator - aka Theme from The Cashflow Show" [PRS] and "Better Call Clayton" [PRS] As an Amazon Associate I earn from qualifying purchases. “What are YOU like?” & “60 Second Shoot-out” are both intellectual properties of Dialogue [London] Ltd(c) Clayton M Coke/PRMS Ltd/Dialogue [London] Ltd | All Rights Reserved ★ Support this podcast ★