Your retirement choices: how to generate an income in later life
Find out in our latest guide which explains the range of options open to you.
Retirement on your terms is likely to be one of the key elements of your financial plan. So, as you approach or reach retirement, now is the time for you to start thinking about enjoying a comfortable life when you stop working.
If you haven’t already done so, now is also the time to start thinking about your income in retirement, and how long it may have to last.
Considering that your retirement could last 30 years or longer, it’s important that you create a sustainable income that will enable you to maintain your lifestyle for many years to come.
Your income in retirement may come from a range of sources, including earnings from work, the state pension, your own pension plans and investments.
Our latest guide looks specifically at how you can generate an income from any defined contribution (DC) pensions – sometimes called “money purchase” pensions – that you’ve contributed to during your working life. Simply click on the link below to read or download it.
Generating an income in retirement is not a straightforward process. The decisions you make could have a big impact on your pension fund, and mistakes can prove costly.
So, if you’re approaching, or at retirement, and feel that you could benefit from advice about how to generate an income from your savings, please get in touch.
Please note
All contents are based on our understanding of HMRC legislation, which is subject to change.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (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. Levels, bases of and reliefs from taxation may change in subsequent Finance Acts.
Workplace pensions are regulated by The Pension Regulator.
Download our retirement choices guide