Managing Your Finances in Retirement - avoid running out of money

[@IanShadrackInvesting]

For my retirement calculator go to ianshadrack.com/retirement-calculator

[@tobysimpson7500]

Great stuff. I particularly like your point regrading drip-feeding to children etc rather than when you die as nobody knows the future, whether that's your health or IHT rules. In the words of Khalil Gibran "...give now, that the season of giving may be yours and not your inheritors"

[@steverogers7963]

Good morning Ian as always a great video. Do you have any views if the “new” government will review the 25% Tax free element of Pensions. I believe it’s reviewed every 3 years and are you aware of the next review date, it’s my understanding that if it’s a new Labour Government they may reduce this to NIL benefit.. Thank you

[@IanShadrackInvesting]

@@steverogers7963 I wasn't aware of a 3 year review cycle. I think it will be left as is and will get eroded by inflation.

[@steverogers7963]

@@IanShadrackInvesting Thank you for your input 🙏👍🏼

[@dominic8218]

Another great vlog Ian. Can you crystallise your whole pension and draw whatever you want from the taxable and non taxable elements at the same time? Leaving the balance to continue growing.

[@IanShadrackInvesting]

If you crystalize the whole pension you get the tax free cash in your bank account and then you can take the taxable pension whenever you want

[@dominic8218]

@@IanShadrackInvesting thanks Ian. I wanted to leave the tax free element invested in the fund so it continued to grow ( hopefully). Looks like this is not possible then. Thanks again 👍🏻

[@IanShadrackInvesting]

You could move tax free cash from your pension to your isa

[@dominic8218]

@@IanShadrackInvesting good man thank you. 👍🏻

[@chrisgray1372]

It sounds to me that UFPLS is what you're looking for - Uncrystalised funds pension lump sum payments. You draw a sum from your whole fund and 25% is tax free and taxed at your nominal rate on the remaining 75%. The remaining funds in your pension stay invested and grow tax free until your next withdrawal. I've used this successfully to draw pension funds up to the 40% income tax threshold but no more.

[@boombustinvest]

For order of drawdown... Is not also a good idea to keep the ISA 'alive' as long as possible? Investment gains in the ISA are paid tax free unlike a pension. Do all financial advisers always advise to deplete the ISA first?

[@IanShadrackInvesting]

You need to watch this video kzbin.info/www/bejne/gGjXhIuEZt9gj6c