annuities v drawdown

Options
louisebeverley_15
louisebeverley_15 Posts: 6 Forumite
Combo Breaker First Anniversary
in Pensions, annuities & retirement planning
I retire in January 2015 and gave been advised that drawdown is the way to go for 160,000 pension pot but I have now heard that annuities have become safer and last for life which better
Confused

Comments

  • mgdavid
    mgdavid Posts: 6,705 Forumite
    First Anniversary Name Dropper First Post
    Options
    Can you please not raise two identical threads, and not ask the same question by hijacking other people's threads? This is the 4th time I've read this in a few minutes!
    The questions that get the best answers are the questions that give most detail....
  • louisebeverley_15
    louisebeverley_15 Posts: 6 Forumite
    Combo Breaker First Anniversary
    Options
    sorry new to this site
  • MEM62
    MEM62 Posts: 4,752 Forumite
    First Anniversary Name Dropper First Post
    Options
    The solution for you depends on your specific circumstances.

    Other income sources?
    Health / life expectancy?
    Married?
    Single?
    Home owner?
    Still paying a mortgage or mortgage free?
    Renting?
    Estate planning considerations?

    You need to take professional advice in order to be in a position to make choices.
  • Your_Hero
    Your_Hero Posts: 883 Forumite
    Options
    louisebeverley_15 wrote: »
    I retire in January 2015 and gave been advised that drawdown is the way to go for 160,000 pension pot
    Confused
    Who advised you about drawdown?

    We know very little about your circumstances to even comment. Give us a little background of yourself and what other provisions you have.
    but I have now heard that annuities have become safer and last for life which better
    This has not changed. Annuities is an insurance policy which is why it's the "safer" option and guarantees income for life.
    Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.

    Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.
  • louisebeverley_15
    louisebeverley_15 Posts: 6 Forumite
    Combo Breaker First Anniversary
    Options
    my fa advised on drawdown, i retire in jan 2015 with a pot of 180,000 aprox
    married, home owner, no mortgage, health is good, my wife is 60 and her health is v good,
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Options
    you mention an FA. Is he an IFA or a restricted/tied agent? Does he work for your bank?

    Basically, if you dont give us more information, we can't possibly comment. For instance, apart from the above, what sort of pension does your OH have? Is she still working/for how long? Do you have other savings and investments therefore dont need more than your 25% TFLS? Is all your money in cash, or do you have S&S isas? Will you both get a full state pension? Any Serps/s2p? How many years will you be retired before your SP pays out?

    What rate did your FA give you for an annuity on 75% of your pot? Is it enough for you to live on?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards