When you decide to retire you will be faced with a number of decisions on how to make the best use of your pension savings.
When you decide to retire you will be faced with a number of decisions on how to make the best use of your pension savings. Your pension savings pot may have been building for many years and now you are faced with a once in a life range of choices and it is important to get it right the first time.
If you don't make the right choice, you could end up running out of money, dying before you have used your lifetime savings or even leaving no income for your spouse.
Speak to our Exeter based team to learn more about your options.
These are just a few of the factors that will affect your choices:
- How much is your pension pot worth?
- How much income do I need in retirement?
- How important is flexibility to you?
- Do I need to provide a retirement income for my spouse or civil partner should I die?
- How good is my health now and in the past?
- What happens to the funds if die early?
- Do I need to take the tax free cash?
- Do I need my income to increase in retirement?
- What other savings do I have earmarked towards my income in retirement?
So which is best for you?
An annuity that provides a steady low-risk income with little flexibility and limited scope for a rising income; or a Pension Income Withdrawal plan with greater investment risk, flexibility and complexity. If you are facing this quandary and would like to set down and discuss options available to you; contact us for a free initial discussion.
