6 THINGS to consider before accessing your cash

1 COUNT TO 10 DON’T rush or be rushed into making a decision. Take your time. This is a major financial decision about cash that has taken years to save up. There are two big risks. The first is you will make an unfavourable decision. The second is that you fall victim to rogues who know people have access to pots of cash. Age 55 is not a deadline, it is just the starting age when you can access savings. Fidelity says it sees a lot of people accessing their savings just because they can. Ask yourself whether you really need the money now and, if you do, whether you need to take it from your pension. 2 THINK ABOUT THE FUTURE THE decisions you make about your pension savings will impact you for the rest of your life. Make sure you understand how what you do today will affect what you have in the future. 3 LOOK AT ALL YOUR RETIREMENT SAVINGS FIDELITY says it often sees people who look at each of their pensions separately. By considering your overall financial position you can make a better decision. 4 MAKE A PLAN YES, we know it’s boring and possibly complicated, but it will help you understand what your future might look like. Start by finding out what State Pension you may get and when. That should be the basis of your retirement planning. Get a State Pension forecast via gov. uk/check-statepension or call the Future Pension Centre on 0345 3000 168. 5 TALK TO PENSION WISE AT THE very least, everyone should take advantage of their free session with the Pension Wise Service. Even if you are a long way off retirement, it can give you the basics on the different types of pensions. They don’t give individual advice but can guide you through your options. It’s impartial and free, so there’s no reason not to do it. 6 THINK ABOUT GETTING ADVICE IT COSTS money to see an independent financial expert to get one-to-one advice but it can be cash well spent. It can help you to understand your options so you take action that best suits your personal circumstances. It could also prevent you from paying too much tax or falling victim to pension fraudsters. Visit unbiased.co. uk to find an IFA near you.