https://birminghamdaily.co.uk/tags/retirements/Recent content in retirements on Birmingham DailyHugo -- gohugo.ioen-usMon, 18 May 2026 05:24:06 +0000https://birminghamdaily.co.uk/state-pensioners-born-before-1971-increasingly-fully-withdraw-their-pension-pots/Mon, 18 May 2026 05:24:06 +0000https://birminghamdaily.co.uk/state-pensioners-born-before-1971-increasingly-fully-withdraw-their-pension-pots/A growing number of state pensioners born before 1971 are choosing to fully withdraw their pension pots upon retirement, with data showing a notable jump in such actions. In 2024-25 alone, 462,160 pension pots were fully cashed out when first accessed—a 29% increase from 357,122 in 2018-19, according to the Financial Conduct Authority (FCA). Strikingly, two-thirds of these withdrawals—301,991 pots—were valued at less than £10,000. Experts suggest that this surge reflects concerns that the state pension may not suffice to cover basic living expenses in retirement.