There comes a time when you stop working for your money and put your money to work for you. For most people, that is retirement.
The decisions you make then could have repercussions for the rest of your life, and in recent years there have been some major changes to the retirement choices you can make with your pensions.
This guide will help you understand the key issues and decisions that will affect your income after retirement.
The Guide covers the following topics:
- Setting retirement goals
The first thing to do is set clear goals to establish what you will need for your retirement.
- Planning issues at retirement
Making sure your saving plans will help you reach your goal.
- Drawdown and withdrawals
How you can use lump sum withdrawals and drawdown to access your savings.
- Annuities and income
A simple way to guarantee income for life is to buy an annuity.
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This publication is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority (FCA) does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of law and HM Revenue & Customs practice as at 16 June 2020 and the Finance Bill 2020.