Retired at 64 and wondering what to do with the money I have

sheslookinhot

Never mind the money you have, just enjoy a good life.

NeverOutOfWork

Many thanks to all forumites for their advice.

I think we'll leave the DB alone permanently as it  will help to provide for my wife even after I'm gone.   

Based on what I'm hearing I think we'll leave the 25% tax free sum in the DC for the forseeable and maybe use the £20k small pension for draw down funds.

Thanks Bob  - now out of work 

sighup

If you are a 40% tax payer for 2023/2024 but will become a 20% taxpayer for 2024/2025, pension contributions until April 5th 2024 will attract 40% tax relief, while drawdown from 2024/2025 onwards would be at 20%?

Please bear mind I am not qualified or regulated to provide financial advice, so please do your own due diligence if the above is relevant and of interest to you.

Bostonerimus1

Leaving the DC pension alone to grow tax free is an option, just make sure it is invested appropriately. You haven't mentioned the funds within your pension and I worry that you don't even know what they are. So your task is to do a detailed budget, add up all your sources of guaranteed income ie DB, SP etc and see how much you will need to draw form your DC pension to make you comfortable and make sure it is invested in a way to support that or maybe just to grow to leave a legacy.

Nardy

Khaderbhai said:

You may now want to consider changing your username   

How about to NeverInWork