Things to consider before accessing your pension pot
It’s worth sitting down comfortably to carefully consider your options and what you want from your retirement
Transcript
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Do you have more than one pension pot and have you got an idea of how much you have saved?
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Are your pension savings enough to meet your retirement needs now and in the future?
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Does your current pension provider offer you a Guaranteed Annuity Rate, a Guaranteed Minimum Pension, or any other valuable benefits? If they do, then it would be a good idea to look at these first to see what you would get.
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Have you thought about when you’d like to retire and what you’d like to spend more time doing?
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Have you thought about what might happen as you get older and the help and support you might need?
It’s worth thinking about what level of certainty you’ll need around your regular income and what risk, if any, you're prepared to take with your money
Your income in retirement will be taxable. It may be sensible to consider taking an income evenly across your retirement. Lump sums may be liable to income tax at a higher rate.
Common questions
How much pension do I need to retire at 55?
When can I retire?
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