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Post Info TOPIC: I am thinking of starting a drawdown plan - what are your top tips?


Newbie

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I am thinking of starting a drawdown plan - what are your top tips?
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I don't like the idea of annuities and think drawdown is better



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Billy

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My first reaction is don't just dismiss annuities - the grass might look greener the drawdown side of the fence but it might not be

My top 5 tips are:

1 Work out how much income it is sensible to take - see my pages on sustainable income

2 Make sure you understand the risks of drawdown e.g. risk of running out of money or making bad investment decisions

3  Decide how you are going to invest your drawdown pot - this is much more difficult than you think

4 Don't forget about tax - make sure you taking income in a tax efficient way

5 Get advice - see my pages about why it is important to get advice



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Billy

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Hello again

If you want to know more about pension drawdown you might be interested in my recent podcast about drawdownhosted by Justin King



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