Nearly half (43%) of baby boomers hitting pension age have drawn all or some of their tax free lump sums, according to a new survey. Just under a quarter (24%) of those who have put it straight into the bank, 7% used it to pay everyday bills and just over 4% splashed the cash on good holidays. The study – of people aged 58-75 – has been published by Dunstan Thomas, who provide business services and technology solutions to the financial service market. . It shows that a further 13% used it to pay off credit card and other unsecured debts, one in ten for home improvements, 9% to increase their mortgage repayments, 8% to invest in stocks and shares and another 8% to invest in property. One third (33%) derived over 80% of total retirement income from pensions (including the state pension), one in five were set to rely – or already relying on pensions for their entire incomes. And other sources provided an average of 29% of all non pension income. Nearly half of those surveyed were still working when the research was carried out in January, and 31% wanted to work on past state retirement age. The survey notes ii is “generally agreed” the boomer generation was born between 1946 (the first atomic bomb) and 1963 (wide availability of the pill).

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