Sumary of What should you do with a pension pot of £30k, £50k or £100k?:
- Making the most of your pension savings: What should you do with a retirement pot of £30k, £50k, £100k or £150k-plus?
- By Tanya Jefferies Published: 13:23 BST, 25 July 2014 | Updated: 10:45 BST, 28 July 2014 77 View comments Pension freedom reforms due in April mean hundreds of thousands of retirees every year will be freed from having to buy an annuity to provide a retirement income.
- Instead, they will have far greater decision-making power over their retirement savings and the options to access their money, spend or invest it, will widen – although their choices will still largely depend on the size of their pension pot.
- As ever, the more money you managed to put aside over the years, the more freedom you will enjoy.
- Pension experts Mark Stone, client services director at Whitechurch Securities, and Ben Westaway, managing director of Jessop Financial Planning, explain both your opportunities and the limitations on them.
- How the experts have looked at your pension pot optionsThis is not just about what you’ve tucked away in pension schemes, but on your overall financial situation.
- Westaway says: ‘We think that when people are looking at their retirement, they should not just be looking at what they have got in their pension.
- It could be that somebody has got a £30,000 pension plus money in Isas and other investment funds.