Since 2015 pension freedoms have allowed people to enjoy greater flexibility as to how they take their pensions, resulting in withdrawals of up to £37bn.
The Government are now proposing that whilst freedoms to withdraw pensions, flexibly, will remain in place; when people can access pensions will change.
From 2028 the pension age will increase from 55 years to 57 years. This doesn’t sound like much, but when it comes to retirement planning it can make a real difference to your plans.
For example if you have a partner who is retiring before you, if you have a health problem or wish to leave work to care for a family member, or if you are in a position where your job may not be in place for you after 55 years old, it is recommended that you seek advice.
Careful retirement planning has always been important but perhaps think about sooner rather than later?