Income at retirement

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.

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Income at 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.

Taking an income at retirement

To speak to our team of Chartered Financial Planners about planning your income at retirement, please get in touch.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

Anna Jones

Anna Jones

Chartered Financial Planner

Anna joined the company that later became Progeny in 2014, following a career in financial services spanning more than 20 years.

Learn more about Anna Jones