19th August 2022
Tips For A Healthy Pension As You Approach Retirement Conclusion
As we have outlined this week, there are a lot of things to consider when you are approaching the last 5 years before your retirement. To live comfortably in retirement, you’ll need to consider your finances, health, housing situation, and future plans.
It’s no secret that retirement can be costly, especially with rising inflation. Aside from the obvious costs, such as housing and healthcare, there are a slew of other expenses that can quickly add up.
Remember: A pension is a long-term investment not normally accessible until age 55 (57 from april 2028 unless plan has a protected pension age).
The value of your investments (and any income from them) can go down as well as up which would
have an impact on the level of pension benefits available.
Your pension income could also be affected by the interest rates at the time you take your benefits.
The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future.
You should seek advice to understand your options at retirement.
The value of investments and income from them may go down. You may not get back the original amount invested.
Past performance is not a reliable indicator of future performance.
Investors do not pay any personal tax on income or gains. Tax treatment varies according to individual circumstances and is subject to change.
Stocks and shares ISAs invest in corporate bonds; stocks and shares and other assets that fluctuate in value.