Getting the most out of your Pensions

From age 55 onwards you can take benefits from private pensions, although the State Pension will not start until you reach your 60s. Note: to get the date for when your State Pension will start, go on line and google “State Pension Age Calculator” and follow the simple steps. There are a number of ways you can take your private pension benefits and you should take advice to ensure you understand all your choices and to work out what would be best for you. Your financial circumstances, age, and state of health will all need to be taken into account to work out what Tax Free Cash you might want to take and how and when you may want to draw an income. Research has shown that unexpected changes can occur early in retirement with 31% of retirees within the first five years of retirement experiencing worsening health, 10% being diagnosed with a serious illness and 26% needing to help family members financially. These are all points that should be discussed in working out how to best use your pension assets. We would be pleased to use our experience and expertise to assist you.