Pensions and Investment options are typically viewed as being complex and difficult to understand. However, the basics are relatively simple to grasp and taking the time to understand them now could have a big impact on how your money works for you.
Recent changes to pensions mean that you now have more choice with what to do with the money you save. From age 55 you are able to access all the money that’s in your ‘pension pot’ and will be met with the options of taking it as cash, taking income payments as and when you want or guarantee a regular income for life.
Retirement planning is never a case of ‘one size fits all’ so it’s vital that you obtain sound financial advice tailored to your individual circumstances and needs. It’s important to understand all the options available to you and the different tax implications they have.