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Top Tips

Here are my top tips for 2020

The beginning of a new year is a good time to take stock of your personal finances and to make sure your pensions are in good shape.

  1. Be serious about retirement planning and your income needs – there is a lot at stake
  2. Follow the Golden Rules of annuities
  3. Don’t forget the Golden Rules of drawdown
  4. Avoid paying too much tax on lump sums
  5. Make sure you have the right investment strategy
  6. Arrange a LPA, review your will and consider a Funeral Plan

Be serious about retirement planning and your income needs – there is a lot at stake

Money, pensions and retirement are a serious business so you owe it to yourself and your family that you make the most of your money and enjoy a fulfilling life.

The there is a lot at stake so don't gamble with your financial future – See how I help my clients make the right decisions at retirement and why you need a "Two-Handed Adviser"!

Don't rule out annuities

When Jane Austen wrote “An annuity is a very serious business” in Sense and Sensibility in 1810 she didn't know how 200 years later annuities would be an even more serious business.

Annuities may be less popular than before pension freedoms but they still are the only way to get a guaranteed income for life without taking any risks

See why annuities are a serious business

Be drawdown wise

Pension drawdown may seem like a simple concept – you simply take the 25% tax-free cash sum or regular income payments directly from your pension pot.

But don’t be deceived - it can be very complex and risky. There are lots of things to consider if you want to run your drawdown plan properly.

Follow the three Golden Rules of drawdown

Avoid paying too much tax when you take a lump sum

I have more questions about this than anything else so I have written a webpage which looks at this in more detail.

Find out how tax on lump sum payments is calculated

Arrange a LPA, review your will and consider a Funeral Plan

I am also a director of The National Careline which provides support and information to the elderly, their carers and their families

I have helped The National Careline write guides about Wills, LPAs and Funeral Plans. These are important issues so I encourage you to read these easy to understand guides.

Get your free guides here

If you would like any further information, or want to speak to Victoria or Ted, the experts, at The National Careline please contact me.

Happy 2020

William Burrows

About the author

William Burrows

Billy Burrows has been involved with retirement options for over 20 years, advising clients on all aspects of pensions and retirement income options.

He divides his time between advising individual clients as Retirement Director at Better Retirement and running Retirement IQ, which publishes guides including the popular ‘You and Your Pension Pot’ and ‘The Retirement Journey’.

He is frequently quoted in the national press and appears on radio, podcasts and videos and writes extensively on retirement income matters.

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