MANY of those dipping into their pension pots early are not planning for future care costs, according to experts.

The chief executive of Citizens Advice Darlington has issued a warning after figures from the national charity showed people were unprepared for the “heavy financial burden” of care.

A survey from Citizens Advice found three in five respondents who had taken money out of their retirement savings under new pension rules had not planned to meet future care costs.

Neeraj Sharma said: “For many people under the age of 50, care costs in ten, 20 or 30 years’ time are not top of our considerations or priorities, however, dipping into your pension today to cover care costs will mean you may find there is less money available in the future for your care.

“Getting the right guidance is key in helping people think about and plan how they will fund their retirement, including any care fees.”

Citizens Advice Darlington acts as a Pension Wise delivery centre and can provide advice on pensions.

For advice, call 01325 249833 or 0800 1388292 for a Pension Wise appointment.