Can you afford to take a lump sum out of your pension?

Are you thinking about withdrawing a lump sum from your pension? Whilst it can be an attractive option, it’s important to remember that a pension is designed to provide you with an income throughout retirement. Before making a withdrawal, you should ask yourself: Would taking a lump sum now affect the lifestyle you can comfortably afford? Could it mean you run out of money during retirement? Taking a lump sum from your pension Once you reach the age of 55, your pensions will be accessible. You're free to choose how ...

6 tips for creating certainty in retirement

Retirement should be a milestone that’s celebrated. You’ve got more time on your hands to indulge in the things you enjoy. But that doesn’t mean it’s entirely stress-free either. Without your usual wage coming in, you may worry about how you’ll afford to live the lifestyle you want. Spending too much too soon is a real risk in retirement. But so is being overly frugal and missing out on opportunities you’ve been looking forward to. It can mean that a retirement that promised much falls short despite having the funds ...

What are your options if you’re approaching retirement with debt?

With income from regular work stopping when we retire, being debt-free at this milestone is often a goal. However, it’s not always possible. Whether you still have a mortgage or credit cards, it can be worrying to enter retirement with debt still to your name. However, there are likely to still be many routes you can choose and still be financially secure. If you find yourself in this position, you’re not alone. The fact that the first-ever retirement interest-only mortgage, that’s fixed for life, launched this year, highlights how many retirees are ...

Three reasons an Annuity might be the right choice and how to get the best rate

Annuities were never the most popular of options for retirees. Often seen as inflexible and poor value, many were bought begrudgingly by people who thought they had no other option. Since Pension Freedom was introduced, the number of Annuities being bought has dropped significantly. Figures from Retirement Advantage show that around 180,000 have been bought over the past two years. Despite a fall in popularity, there are still many reasons why an Annuity might be the right way of turning your pension into an income: 1.You want a guaranteed income, which ...