Is this the right retirement option for me?
There’s no denying that taking cash lump sums is one of the more flexible retirement options, giving you control over your pension, savings and remaining investments.
For example, you can use a lump sum to fund your children’s weddings, pay for their house deposit, or do those home improvements you’ve always wanted to do – all without needing to make a long-term decision on your retirement plans.
It also gives you the opportunity to build your income further, as your pension stays invested for potential growth.
But with that freedom comes the responsibility of planning your income for the rest of your retirement. You’ll need to make sure you have enough to last your whole retirement, including extra costs later down the line, like paying for care for yourself or your partner.
If you aren’t sure if taking cash lump sums is the right option for your retirement, you may want to speak to a Wesleyan Financial Services Consultant.
As specialist financial advisors, they can help you with everything from retirement and income planning, to discussing your pension options and conducting one-off or regular financial reviews.