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What are my options for taking my money? On your 55th birthday, you can take the money you've saved in your pension pots. There are several ways you can take your money. So let's see what these options are. Set up a guaranteed regular income. You can use your savings to buy a guaranteed income for the rest of your life, known as an annuity.
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There are different types of annuities, and you get to choose the type you want just for yourself, one that carries on to your spouse if you die first, one that stays at the same amount or increases over time. An annuity income may be smaller than the other options, but it might be right for you. If you want peace of mind of not running out of money. Take a flexible income.
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You can take a lump sum or regular sums from your pension pot when you want, and the money left in your pot stays invested. This may give your pension more chance to grow, but remember, the value of your investments can fall as well as rise and isn't guaranteed. You may get back less than you started with. Take the whole pot.
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You can take part or all of your pot as cash in one go, but you should consider how much tax you'll have to pay before doing this. It's also worth remembering the more you take now, the less you'll have in the future. You can also take a combination of these options too. For all options, you can take the first 25% as tax free cash.
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The remaining 75% will be treated like your salary, and you'll be taxed at your current income tax rate when you take it. If you feel like you don't need to take your pension pot just yet, you don't have to. You can leave your money where it is and take it when you need it. Which option could be right for me?
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It's up to you how you take your money. Our Aegon Assist team can give you free expert guidance and information to help you decide what's right for you. Whilst the team can give guidance, they can't give advice. Pension wise, a service from MoneyHelper is a free and impartial government service offering guidance about your retirement options. The service is available online at MoneyHelper by phone on 0800 138 3944.
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Or face to face by appointment. Remember, it's important to review the options carefully and you should shop around to find the best deal before making a decision. This information isn't intended to be financial advice. If you're not sure or need advice, please speak to an authorized financial adviser who may charge you for advice. If you don't have a financial adviser, you can visit MoneyHelper to find the right one for you.
