YOU’RE READY TO RETIRE. WHAT NEXT?
Since the Government changed the rules – allowing greater flexibility with your pension pot – there’s more freedom, but also more complexity. If you get it wrong, you could end up accidentally paying 45% tax on a large pension withdrawal. Arm yourself with the free guidance provided by the Government. If you’re over 50, go to pensionwise.gov.uk or call 0800 138 3944 to book a free face-to-face appointment with an expert. You can also talk to The Pensions Advisory Service (0300 123 1047). And it may be worth taking independent financial advice. This will cost you money at first, but taking advice on savings can add an average of £48,279 to your retirement pot, according to research by Unbiased.
Then, when you’ve decided what’s right for you, put your feet up and relax, safe in the knowledge that you’ve sorted out a financially fabulous retirement.