In this video we look at how much income you might expect to get from a £300k pension. We look at the various ways you can take an income in retirement with both flexi access drawdown and an annuity. We cover various ages to show you the effects retiring at different ages can have on the amount of income you can take from your pension.
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I am a Chartered Wealth Manager providing financial planning services in the UK. I help people retire earlier, make the most of their finances, protect their families and save taxes.
Our IndependentFinancial Advice business - www.heritage-fp.co.uk
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TIMESTAMPS:
00:00 Introduction
02:05 Assumptions
02:24 Income from a £300k pension using Flexi Access Drawdown at 65
03:38 How realistic is it to save a £300k pension for retirement (Example)
05:18 Income from a £300k pension using Flexi Access Drawdown at 60
05:59 Income from a £300k pension using Flexi Access Drawdown at 55
07:33 Alternative approach using a Safe Withdrawal Rate
08:23 How Drawdown can go wrong and it's risks
09:03 Annuity income from a £300k pension
Flexi Access Drawdown can be a complex retirement solution and there are many variables to be aware off. I have made various assumptions based on growth, tax allowances, inflation and life expectancy. These are impossible to control for and likely to wrong almost immediately and cannot be relied upon for financial advice.
Website - www.heritage-fp.co.uk
DISCLAIMER:
he content in this video is provided for information and entertainment purposes. It should not be construed as direct or indirect financial advice. You must thoroughly research any potential financial or investment decision and fully understand the risks before taking it. If in doubt, you should seek Independent advice from a professional adviser. Tax rules and legislation is subejct to change. HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. The Financial Conduct Authority does not regulate tax planning. The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested. Past performance is not a reliable indicator of future performance and should not be relied upon.
