Wobbly markets may have given those contemplating retirement pause for thought. In recent years, managing a retirement portfolio has been like falling off a log: as long as the portfolio is invested in financial markets rather than cash, it’s been going up. However, recent volatility suggests this ‘in it to win it’ approach may not be as effective in future.
The pension freedoms introduced in 2015 have been well received, particularly by people in their 50s looking to take tax-free cash. But it is early days, and both consumer bodies and the financial services industry are concerned that many self-invested personal pensions (Sipps) are being managed by people without much investment expertise, who are making poor decisions that could have dire consequences for them.
The process and pitfalls of moving into drawdown have not yet been fully assessed. Boring Money’s Richard Bradley passes on some helpful tips from those already enjoying the fruits of their drawdown journey.
The reduction to the amount savers can put back into a pension once they have started taking an income will be applied retrospectively.
A review by the Financial Conduct Authority has highlighting a big increase in the number of pension savers forgoing advice prior to entering drawdown.
Boring Money want to hear from people drawing income from their online pension, and in return are offering a £10 Amazon voucher.
Transfer values have been rising over the past three decades. That means it can make sense to transfer out of a defined benefit scheme – although getting the same income elsewhere is hard work.
Retirees are being warned not to take life expectancy figures too literally when planning their retirement finances.
Many fail to reclaim tax they may have overpaid when taking money out of their pension
Cash withdrawals are the most popular option for people who access their pension funds, according to a new report.