Pension drawdown providers allow you to turn your pension fund into an income when you reach the age of 55 and Rockwood can help you choose the right one.
Pension drawdown is becoming increasingly popular because of the benefits it provides. You can choose exactly how much you draw from your pension each year. This can be increased and decreased as your circumstances change.
When you turn 55, you can take a cash lump sum tax-free which can be used to pay off your mortgage or pay for a big-ticket item. You don’t have to take this and you may prefer to keep the money in your pension and draw on it gradually.
Any money you do not take as a lump sum is reinvested and you can use it to draw an income.
Whilst you are still in employment, you may decide not to take anything from your pension. Alternatively, you may decide to reduce the hours you work and top up your income with money from your pension.
It is recommended that you speak to a professional, independent financial adviser who can help you plan effectively. Take too much from your pension and you may leave yourself short later in life.
At Rockwood Financial Solutions, we are experts in financial planning. We look at your individual circumstances and help you make decisions that are right for you.
If pension drawdown is the best option for you then we can recommend the most suitable pension drawdown providers and explain the risk and benefit of the different options available.
We can’t predict what will happen in the years to come but we can help you plan for the lifestyle you want and any unexpected twists and turns. Effective financial planning gives you greater peace of mind about yours and your family’s financial future.
For impartial, professional advice, contact our friendly team of advisers today and find the best pension drawdown providers for you.