28th September 2022
Cash May Not Be King Conclusion
This week we have looked at the things to consider if taking money from your pension early, such as how much money you need to retire, what are the tax implications, the fees. How long will the money last and what if you need more money later and finally the risks involved.
This is a very complicated topic and choosing what to do with your pension is one of the most important decisions you’ll ever make and will impact on your future standard of living in retirement.
Worryingly, over a third (35%) of pension holders do not know about the different options available to them for when the time comes to retire, according to research.
These are just a few things to consider before taking cash from your pension pot. As you approach retirement, it’s essential to understand what your options are and obtain professional advice, otherwise you could end up making a decision that you regret later on. For more information or to review your options, please contact us.
Source data:  Online omnibus conducted by Opinium in June 2021 for LV – 4,000 representative UK
adults surveyed nationally.