Pensions & Retirement Planning

Retirement Income Advice (Drawdown & Annuity)

Drawdown or annuity? Tipping & Webb explains your retirement income options clearly so you can choose the best path forward.

What is Retirement Income Advice?

Life goes by in a flash, so when you retire, you’ll need to decide how to take an income from your pensions.

Some people choose Drawdown, which allows you to leave your pension invested and take income as you need it, while others choose Annuity, which provides a guaranteed income for life.

But you don’t have to do one or the other; you can even use a mix of both.

Why get advice?

Deciding how to access your pension is one of the biggest financial decisions you’ll make, and the choice you make can affect how long your money lasts, how flexible your income is, and how your funds are taxed.

Unfortunately, it’s not always straightforward, which is why speaking to someone who understands your situation really matters and can make a big difference in how you spend your retirement.

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What are my options?

When you reach retirement, you’ll need to decide how to take an income from your pensions.

Two of the most common options are drawdown and annuities, and while both are designed to help you access your money, they actually work in very different ways.

  • Drawdown allows you to keep your pension invested and withdraw money as and when you need it. You choose how much to take and when, which offers more flexibility, but the value of your pension can go up or down depending on investment performance.
  • Annuities are a way to turn your pension into a guaranteed income for life (or a fixed number of years). You hand over your pension pot to a provider in exchange for a regular, secure income, which gives you more certainty, but less flexibility.

Some people choose one option, while others use a mix to balance security and control.

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How can we help

It’s easy to get overwhelmed when it comes to your pension, that’s why at Tipping & Webb, we focus on giving you honest, easy-to-understand advice based on what you want your retirement to look like. Doug, our Financial Adviser, will take time to get to know your current situation, your income needs, and what your retirement looks like for you.

He’ll explain your options clearly, whether that’s drawdown, annuities or a combination of the two, and help you choose a path that gives you confidence and peace of mind.

It’s all about making sure you have a full understanding of your finances and that your pension supports the life you want to live, not just now, but in the years to come.

Speak to us about Retirement Income Advice (Drawdown & Annuity)

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