Before you withdraw any money from your pension, you must first determine how much money you actually require. Do you require a large sum of money all at once? If this is the case, what are the tax implications? Or would you be better off with a steady income?

Remember that retirement could last anywhere from 30 to 40 years. In addition to what you’ll need to cover day-to-day living expenses, do you have any specific plans for your retirement, such as taking regular vacations or pursuing a hobby? Or are you planning any large one-time purchases or expenditures, such as a new car or home improvements? When you know how much money you require, you can begin to consider your options

Tomorrow we will look at the implications for you of taking cash from your pension. Please contact us for more information on how we can help protect your future financial well-being and the options available to you.