Guide

Taking an income at retirement | Guide

Taking an income at retirement – HERO

 

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.

Guide Taking an income at retirement

Meet the expert
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. The majority of this time was spent in the business development teams of large insurance companies, providing technical support and training to financial advisers.

Anna works with both corporate and personal clients, offering advice in relation to investment and retirement planning with a view to minimising tax and helping them achieve their financial goals.

Having been widowed, she is drawn to helping other women who find themselves in a similar situation with their financial affairs. Anna lives with her two children and their dog, Suki. Her free time is spent managing her son’s rugby team and engaging is as many sporting events as possible. She likes to take on a few physical challenges each year for charity, such as the London Marathon, Great North Run, Tough Mudder and long distance bike rides.

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