Home Knowledge Hub Taking an income at retirement | Guide Guide Taking an income at retirement | Guide By Anna Jones Financial planning 3rd January 2025 Download now 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. 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. Speak to your local expert Get in touch Important note Although the content of this page was correct at the time of writing, it has not been updated since. Therefore it shouldn’t be relied upon for accuracy, as it may have been subject to subsequent tax, legislative or event changes. Share Link copied