Are you retired and unsure of the best way to withdraw funds from your pension? Pensions drawdown offers an easy and flexible alternative to annuities if you are 55 or over. This option allows you to take an immediate 25% of your total pension pot as a tax-free lump sum, and convert the remaining 75% into income units, thus providing you with an income to draw on for the remainder of the fund’s duration. This is where professional financial advice is essential. We can tailor a plan which will ensure that any withdrawals you make are sustainable for the period you wish, and we can also suggest options for when your fund runs out. If you are looking for income drawdown advice in Glasgow or across Scotland, why not contact us today?
Get in touch with Maxim Wealth Management today!
Flexi-Drawdown Options in Glasgow
If you are considering income drawdown in Glasgow, another option open to you is the flexi-access drawdown. If you are 55 or over, you can choose to take 55% of your total pension fund tax-free, and you can also choose how much pension income you receive too. If you choose this latter option, you can change the amount at some point in the future. This is particularly useful if you are working part-time in your final working years as you can then increase the income amount when you cease working. There are several benefits to choosing this flexi option:
- Freedom to vary pension income according to your needs.
- It does not form part of your estate as far as inheritance tax is concerned.
- It passes at the beneficiary’s rate of income tax.
- Ideal for clients with small pension pots.
We can help you understand the income drawdown options available to you in retirement – and how to maximise them to your advantage
Sound Financial Planning for a Secure Future
Whichever solution sounds appealing to you, getting sound professional advice on income drawdown pension in Glasgow from Maxim Wealth Management Ltd. will help you make the right decisions to assure financial security when you need it. To discuss the different options available to you, book a free first appointment with one of our team now on 0141 764 0040.