As you approach retirement, your focus shifts from saving to spending wisely. For Winchester residents in areas such as St. Cross, Weeke, and Fulflood, knowing how to turn your pension into steady income is vital for maintaining your lifestyle.
Your Main Pension Income Options
1. Pension Drawdown
Keep your pension invested while withdrawing income as needed. Ideal for flexibility and potential growth.
2. Annuities
Convert your pension pot into a guaranteed income for life; perfect if you prefer stability and predictability.
3. Combination Strategy
Many Winchester retirees use a blend: part annuity for security, part drawdown for flexibility and inheritance planning.
Factors to Consider
- Tax Implications: You can usually withdraw 25% tax-free.
- Longevity: Ensure your income lasts for your lifetime.
- Inflation Protection: Choose options that rise with living costs.
Local Winchester Expertise
Advisors based in Winchester and Sleepers Hill can help create a retirement income strategy tailored to your lifestyle, health, and financial goals.
Start Planning Today:
Book a consultation with a local Hampshire pension advisor and learn how to convert your savings into a reliable, tax-efficient retirement income.
