Should you retire in the middle of the cost of living crisis? | Personal Finance | Finance

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“People about to start receiving benefits from a Defined Benefit plan will be impacted: these generally increase in deferment and in payment, but limited often to RPI to a maximum of perhaps three percent.”

Savers should also bear in mind that the current political backdrop could also affect their savings, according to Mr Cranwell.

“With a Tory leadership race underway and much uncertainty around what the tax policy of the next Prime Minister will be, there is a risk that further measures will be implemented to cut tax relief for pensions.

“Therefore, as long as an individual is receiving guidance from a financial adviser and maintaining an emergency fund of cash to safeguard against economic shocks, the advantages of retiring now outweigh the potential risks.”





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