In this week’s episode, I discuss retirement options made possible by pension freedoms – how the process has changed, and the potential benefits of taking part or all of your pension pot in order to better secure your future.
When you reach the age of 55, you can access your pension pot. You can take some, or all. Some will be tax-free, but the rest will be taxable.
Some use parts of their savings to purchase annuities, which can then be used to cover certain essentials, such as mortgage payments, rent or household bills.
These days, we are mainly living longer. You must ensure that no matter what route you take, that you and any partners are provided for.
A staggering 35% of the UK adults have NO Pension Plans and 43% don’t even know how much they will need for their ideal retirement lifestyle!
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