💷 Money Clinic: ‘I want to retire early at 61 and match my current income – how can I do it?’ thomasselby, head of retirement policy at investment platform AJ Bell, gives his guidance ⬇️
, which provides a guaranteed income for life in return for your pension pot. Buying an annuity also allows you to access your 25 per cent tax-free cash. Annuities provide greater security and certainty than drawdown, but are less flexible.
When deciding this starting income, you need to think carefully about the sustainability of your withdrawal plan because, ultimately, you want to make sure your retirement pot lasts as long as you do. As I mentioned earlier, not all firms will offer drawdown, so ask your provider if this is an option. If it isn’t, you can transfer to a new provider – although make sure you aren’t incurring any penalties or losing valuable guarantees before doing this. Your existing provider should be able to tell you if this is the case.
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