Your retirement choices: How to generate an income in later life

Retirement on your terms is likely to be one of the key elements of your financial plan. Read our latest guide to discover how you could generate an income later in life.

Many people see retirement as the start of their “second life” – the time when you have the chance to do all the things you want to do. You may have been planning this moment for many decades and have grand plans for what you might like to do in the years ahead.

Considering that your retirement could last 30 years or longer, it’s important that you create a sustainable income that will help enable you to maintain your lifestyle for many years to come.

If you haven’t already done so, now could be the time to start thinking about your income in retirement, and how long it may have to last.

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Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The tax implications of pension withdrawals will be based on your individual circumstances. Levels, bases of and reliefs from taxation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.

Foster Denovo Private Wealth is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.