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If you’re approaching retirement and you are 55 or over, the current pension rules state that you can get access to 25% of your pension pot tax free. So the question is, should you be doing it? Should you take 25% of the total value of your pension as a lump sum, without paying any tax?
In this video I will explain the pros and cons of taking tax free cash from your defined contribution pension.
Other videos you might be interested in:
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The minimum pension age will definitely increase to 57 by 2028 • The minimum pension age will definite...
Thanks for checking out my YouTube channel I’m Justin King and my aim is to help people to live successful lives, which often involves understanding your money.
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If you're planning your retirement and want to make the best use of your wealth to provide for your family throughout retirement and beyond, or work out how best to pay for a loved one’s care, I may be able to help you.
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This video is for information and entertainment only. Nothing on this channel constitutes financial advice. Please do not make any decisions based on the contents of my videos; seek professional independent financial advice first!