Deficient retirement planning is not exclusive to the U.S. In Britain, a recent study found that many over age 50 will live longer than they expect and therefore, one in four may fall short in their savings for retirement by an additional £60,000. An annuity can help, but annuity rates have fallen steadily since 2007. "Generally, investors underestimate their life expectancy in retirement and, in order to receive the income they would like, investors need substantially more money in their pensions," Tom McPhail, head of pensions research at investment firm Hargreaves Lansdown, said.
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