Tony talks about the requirements of withdrawing your pension and the five things you need to carefully consider before doing so. Currently you can access your pension from the age of 55, changing soon to 57 unless you have a protected pension age, so if you are approaching these birthdays it's worth checking out Tony’s advice.
KEY TAKEAWAYS
- Pension Freedoms. Consider your pensions accessibility arrangements.
- Savings Requirements. How much will you need each month to maintain your lifestyle?
- Future costs. You need to consider care needs and inheritance planning.
- Health and Life Expectancy of both you and your partner.
- Obtain professional advice to make sense of the complications of the financial decisions of retirement.
BEST MOMENTS
‘There’s a lot to think about when you withdraw money from your pensions because it’s a huge decision as it has major implications on how long that money lasts for throughout your retirement.’
‘We often vastly underestimated this but evidence shows that we are mostly living longer.’
‘How long will I need my money to last? How long do I want to keep working? How much tax might I pay?’
VALUABLE RESOURCES
Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth
Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth
ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
CONTACT
Tony’s official website: https://ttwealth.co.uk/
Facebook: https://www.facebook.com/TonyThomas.IFA/
LinkedIn: https://www.linkedin.com/in/tonythomas2/
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