Pensions & Retirement Options

mikepedley

Hi, some advice please

we have just reached retirement age and now receiving state pension, my wife is disabled and receiving some money to help with carers. I am not in good health either

Some months back I Had approx. £200K in a private pension pot. But with the current situation with the financial sector this has decrease by £40k

As I see it,

·       I can wait for thing to recover.

·       Take the hit and covert the capital to a pension

What do you suggest I do? Any advice would be helpful

Regards Mike

Albermarle

Did you have a plan as to what to do with this pension before this year ? Where you going to take regular income from it?

A 20% drop is  not that unusual so far this year, or in some past years  It depends on how the pension is invested. You will need to tell us this to get better answers. Probably it went up quite a lot over the last few years.

Marcon

mikepedley said:

Hi, some advice please

we have just reached retirement age and now receiving state pension, my wife is disabled and receiving some money to help with carers. I am not in good health either

Some months back I Had approx. £200K in a private pension pot. But with the current situation with the financial sector this has decrease by £40k

As I see it,

·       I can wait for thing to recover.

·       Take the hit and covert the capital to a pension

What do you suggest I do? Any advice would be helpful

Regards Mike

Book a free appointment with PensionWise: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw#

They'll be able to explain your options (e.g. you don't have to buy an annuity - you could go into drawdown instead), which should put you in a better position to decide what best suits your circumstances.

higgle

I'm in a similar situation from the money side (not the personal circumstances)  I'm retiring at the end if August with a pot of £140k, it would have been more if i'd retired earlier in the year. I'm getting annuity quotes at the moment as I'd favour this route over drawdown if I can get a reasonable sum as I don't want to spend my retirement reviewing my investments under a drawdown scheme. Even my high blood pressure and my husband's trivial leaking heart valve have made a bit of a difference to the amount so if you and your wife have significant problems you might get a good enhanced rate. 

Brie

I'm currently reviewing what to do with my pensions as well and have taken a hit in the values.  I was eager to get the 25% lump sum when doing the transfers to something to do drawdown to clear some small outstanding debts but as these are currently at 0% I've no urgent need to clear them now. 

So I'm now looking to simply transfer the money and consider when the drawdown can commence.  I know from a tax point of view I'll be better taking drawdown either later in this tax year (when my financials are less complicated) or wait until next tax year when my income will be minimal. 

I'm hoping by then there will be world peace and the stock market will have more than fully recovered.  (always an optimist!)

dunstonh

As I see it,
·       I can wait for thing to recover.
·       Take the hit and covert the capital to a pension
What do you suggest I do? Any advice would be helpful

It is a pension already. So, you wouldn't be converting it to a pension.    

What method of retirement income are you planning to use?   drawdown, phased drawdown, UFPLS, annuity etc?

I'm hoping by then there will be world peace and the stock market will have more than fully recovered.  (always an optimist!)

Name a time when there has been peace in the world!

Stockmarkets frequently go up during wars.

Albermarle

 I'm retiring at the end if August with a pot of £140k, it would have been more if i'd retired earlier in the year. I'm getting annuity quotes at the moment as I'd favour this route over drawdown if I can get a reasonable sum

Although pension pot values have dropped in 2022, annuity rates have gone up. So probably you are approx back where you started at the start of this year !