Just Retired - What to do First?

fred246

IFAs love people like you. Got a load of cash. Don't know what to do with it? Oh yes I can help you out.

Albermarle

I have several pensions including one Defined Benefit and thought it might be worth putting them all together to buy an annuity

If you have enough income from the defined benefit and you say you will be paying a lot of tax , then one (obvious?) option is just to leave the other pensions alone to grow for the future . Or for simplicity's sake you could combine them into one and then leave it for the future .

shinytop

If you post some real figures including what you think you need to live on you'll get some views from the more knowledgeable/experienced folks. If I were you I'd put your money in the best easy access ISA/savings you can (I use Paragon and Marcus) and take your time to think about it. A few months isn't going make any significant difference overall and you need to have a proper think before you do something irreversible like buying an annuity.

xylophone

IFAs love people like you.

Given the knowledge and understanding of pensions OP has shown in his posts - note particularly

Thanks, I have several pensions including one Defined Benefit and thought it might be worth putting them all together to buy an annuity

it would appear that expert, independent financial advice might be just what is required?

maximumgardener

If you are married you could put 20k into ISA's for you and 20k into ISA's for your spouse for this tax year. be quick!
repeat for next tax year . Thats 80 k in ISA's between you for starters!! Tax free at the moment.
Build that into your overall income needs into retirement as required