11/16/2023 0 Comments Beneficiary flexi access drawdownSo if you’re thinking about flexible income, you should: People are living longer and choosing to spend their retirement in many different ways. Achieving a sustainable income Will your money last as long as you need it to? ![]() Tax treatment depends on individual circumstances and all tax rules may change in the future. Your pension pot could go down dramatically if you don’t regularly monitor how your funds are performing. You can choose where to invest your pension to meet your needs. You need to decide which funds your pension pot is invested in as the performance of any funds will affect how long any income will last. You could run out of money if you take too much income from your pension pot. If you invest your money carefully and regularly review how any income is reducing your pension pot, you can ensure that your money lasts as long as possible. ![]() You need to consider how long you will need an income for, as you could live 20 years or more in retirement. ![]() You should ensure you understand what tax rates might apply to you. The rest of your money stays invested, and you can take withdrawals at any time.įlexibility of taking money when you need it and making further contributions if you wish.Īll income is taxed the same as any earnings you have. You can take it at any point from age 55 (57 from 2028).Īny cash you take reduces the amount of income you could receive. You can take up to 25% as a tax-free lump sum.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |