Planning your income at retirement
The decisions you make now could have repercussions for the rest of your life. In recent years there have been some major changes to the retirement choices you can make with your pensions, so it’s important to be well informed now in order to live your ideal retirement.
This guide will help you understand the key issues and decisions that will affect your income after retirement.
“Your retirement plan will evolve over time as your circumstances change. You should make sure your plan allows for various outcomes.”
What is included in the guide:
• Setting goals for your retirement
Your income needs may evolve over time, so the decisions you make when you retire should take these possibilities into account.
• Planning issues
Planning at the point of retirement can be more complicated than sorting out your finances at other times.
• Leaving your pensions untouched
This may seem an unusual option to contemplate at retirement, but for DC schemes it may be a sensible option if you have other means to support yourself, at least in the initial years.
• The cash decision
If you decide to draw on your pension rather than leave it untouched, the first thing to consider is the availability of a tax-free cash lump sum.
• Drawdowns and withdrawals
Pension income drawdown, as the process is known, has become increasingly popular because of the flexibility it offers.
• Annuities and income
There are two key choices you must make if you choose the annuity option.
To speak to our team of Chartered Financial Planners about planning your income at retirement, please get in touch.
