How can I take my Personal Pension/SIPP? Your Retirement Income Options and Planning for your Retirement! In this video I give an overview of some of the key ways you can take your Personal Pension or SIPP. I highlight three of the main ways that you can take an income from your Pension and give real quoted examples that have been sourced from the open market. I give an idea of the income that can be obtained using either Flexi-Access Drawdown, purchasing an Annuity or a Fixed Term Annuity. The basis of the Annuity is assumed as follows: - *Standard rate (not enhanced, the client has no medical/lifestyle factors that increase the starting rate of the annuity) *Level *Payable monthly in arrears *Single life basis (no spouses/dependents benefit has been built in) ⏰ 0:00 - Introduction 1:22 - What to watch out for? 2:11 - Tax? 2:38 - Annuity 5:47 - Annuity or Drawdown? 7:09 - Increasing Annuity 8:42 - Fixed Term Annuity 10:10 - Flexi Access Drawdown 12:15 - Bye! Link to the Money Advice Service website for more general information about pensions and the options available to you: - Video on how to check your State Pension Age and Forecast: 🗒 Please note: The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow. All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances. This channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway. Keep in mind that the value of your investments can go down as well as up, so you could get back less than you invest. ⭐ My aim is to provide education and guidance to help individuals understand pensions, investments and protection. #pensionplanning #retirementplanning #retire...(read more)
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Retirement income options are a key part of financial planning for UK citizens. It is important to understand the different options available and how they can be used to create a secure retirement income. One of the most popular retirement income options is a self-invested personal pension (SIPP). This is a type of pension plan that allows you to take control of your own retirement savings and investments. With a SIPP, you can choose from a wide range of investments, including stocks, bonds, and funds. You can also benefit from tax relief on contributions and tax-free growth on investments. If you have a SIPP, you can take your pension in a number of different ways. The most common way is to take a lump sum, which is a single payment of your pension fund. This can be taken as either a one-off payment or as a series of payments over a period of time. Alternatively, you can use the money to purchase an annuity, which is a regular income for the rest of your life. Another option is to take your pension as a drawdown. This is where you keep your pension fund invested and take regular payments from it. This allows you to benefit from the ongoing growth of your investments, while still receiving an income. Finally, you can also take your pension as an income. This is where you receive regular payments from your pension fund, which can be used to cover your living expenses in retirement. Whichever option you choose, it is important to understand the tax implications of taking your pension. You should also consider the impact of inflation on your retirement income, as well as the impact of any charges or fees. It is also important to seek professional financial advice when deciding how to take your pension. This will help ensure that you make the most of your retirement savings and get the best deal for your retirement income. https://inflationprotection.org/how-can-i-take-my-pension-sipp-your-retirement-income-options-financial-planning-uk/?feed_id=71338&_unique_id=63ef5ff675164 #Inflation #Retirement #GoldIRA #Wealth #Investing #annuity #automaticenrolment #drawdown #financialadvice #FinancialIndependence #financialindependenceUK #fixedtermannuity #flexiaccessdrawdown #howtotakemypersonalpension #investinapersonalpension #investment #optionsinretirement #pensionincome #PensionPlanning #PersonalPensionhowcanitakemypersonalpension #personalpensionUK #Retirement #retirementage #savingforretirement #SIPP #StatePension #takingmypension #ukpension #workplacepension #RetirementPension #annuity #automaticenrolment #drawdown #financialadvice #FinancialIndependence #financialindependenceUK #fixedtermannuity #flexiaccessdrawdown #howtotakemypersonalpension #investinapersonalpension #investment #optionsinretirement #pensionincome #PensionPlanning #PersonalPensionhowcanitakemypersonalpension #personalpensionUK #Retirement #retirementage #savingforretirement #SIPP #StatePension #takingmypension #ukpension #workplacepension
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