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Guide: Your retirement choices: How to generate an income in later life

Writer's picture: Gary LumbGary Lumb

Retirement on your terms is likely to be one of the key elements of your financial plan.

So, as you approach or reach retirement, now is the time for you to start thinking about enjoying a comfortable life when you stop working.


Many people see retirement as the start of their “second life” – the time when you have the chance to do all the things you want to do. You may have been planning this moment for many decades and have grand plans for what you might like to do in the years ahead.


If you haven’t already done so, now is also the time to start thinking about your income in retirement, and how long it may need to last.


Aside from taking all your fund in one go – or not taking it at all and leaving it to pass to your heirs – there are four main options:


· Buy an income for a fixed period or for life, known as an “annuity”.

· Take an adjustable income, known as “flexi-access drawdown” (or sometimes just “drawdown”).

· Take lump sums from your pension fund, sometimes known as “uncrystallised funds pension lump sums” (UFPLS).

· Mix and match different options.


This useful guide explains the advantages and disadvantages of each option, as well as some other areas you might want to consider when planning for retirement.


Download your copy of Your retirement choices: How to generate an income in later life to find out more now.


If you’d like to talk about your retirement plan, please contact us to arrange a meeting.

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Yorkshire Rose Financial Planning Ltd is an appointed representative of Sense Network Ltd which is authorised and regulated by the Financial Conduct Authority. Yorkshire Rose Financial Planning Ltd is entered on the FS Register (https://register.fca.org.uk/s/) under reference 778188 and registered with Companies House England and Wales No. 10708121.

Registered Office: The Studio, Stables Lane, Boston Spa, Wetherby, LS23 6BX

 

The information contained within this website is subject to the UK regulatory regime and therefore targeted at consumers based within the UK. The Financial Conduct Authority does not regulate Tax Advice or Workplace Pensions

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

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