Pension Drawdown Top 3 Tips

When we start doing pension drawdown, there's a whole new world of managing our money we need to learn. Here we look at the darkside of pension drawdown so that you can avoid the pitfalls!

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DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.

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[BouncingBack]

Avoid the pitfalls of drawdown with these 3 tips to make the most of your pension funds

[Stanleytone-]

I am considering taking my 25% LS soon and hope Labour do not shaft me😮

[paulharold]

Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.

[brownwellson]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this

[nickfifield]

Ufpls is also flexible, so what’s the pros and cons ?

[russjohnston]

Unfortunately we do not know how long we will live in retirement therefore planning will be difficult, however I do agree that if you can drawdown as much as you can while you are healthier and fitter than you will be in later life. Regarding drawdown, I wanted to transfer a works pension into a Flexi drawdown scheme but was prevented by my IFA who stated that his public indemnity would not allow this and that the FCA would also block this as they did not want individuals running out of works pension money and relying on the state pension plus benefits, which would suggest the state pension is not enough. The IFA quoted a story of a person with over 1 million in funds and having a terminal illness being knocked back from Flexi drawdown by FCA. It's our pension and we should be able to use as we see fit. Another example of our controlling state.

[suresureYT]

Great information. Thank you very much

[briansimon]

Hi Helena. Picked up your item by chance. Some mention of the current legacy benefits wouldn’t go amiss. All drawdown holders should ensure they have nominated beneficiaries/successors so that any funds left when they die are distributed to whom they wish to benefit, as tax efficiently as possible.

[robertp.wainman]

I suspect many people drawing down relatively high percentages will be in trouble if a sustained financial crash takes place. How many will be able to live on much lower or even nil drawdown amounts in order to maintain their investment? It's interesting how people who wouldn't take much of a gamble in other areas of life - are prepared to risk their pension savings.

[colindaly]

Could you do a video on drawdown charges, , like when you start doing drawdown & who are the best companies 🤔

[davidibbitson]

Hi Helena. Would you advise I combine my three pensions? Regards

[samueljohnston]

Hi, very interesting article. I am nearly 71 and by 2025 will only have a pension pot of about £73, 000. If I took out 25% tax free would you recommend an annuity. I am also due over £65, 000 from a will which is below the limit for Inheritance Tax. Would this inheritance be lumped with the annuity income by the tax office? I'm like many others, confused by the system. Thank you.

[marklomax]

Please could you post the table you had showing how charges affect the size of your pension pot over a 20 year period, I have seen it on your video but cant find it now Thank s

[nickfifield]

Any suggestions on how to save 3 yrs cash when putting everything into pension and ISA? The only way I see is to cut the investing.

[nickfifield]

Hiya, are you drawing a pension atm? Using drawdown ? Did you get an IFA? The 3yrs cash sounds similar to the 3 bucket system - what do you think of that system? What system do you use ?
Oh, and I have lots more questions !

[BobBob-uvfq]

I just want to take the cash out to avoid having to pay tax on it ?any tips where I should put the money, I’m going to reduce my working week

[lloydgreeves-rdqh]

Hi I have 2 pensions
A DB scheme and DC scheme
The DC scheme will give me a handsome monthly income the DC not so good
Can I draw down the DC pension until my state pension kicks in

[owenbowen]

This really is a basic bit of information.

[Evoque]

Hi, please can you make advise on those who wish to take 100% withdrawal at 55 plz .thanks

[leewprice]

Do you pay NI contributions from drawdown?