Arguably the most important financial-planning decision you'll ever make is deciding if you can afford to retire. You will need to explore - if you have enough assets to take the plunge - to cross over from accumulating assets to depending on those assets to pay your monthly bills throughout retirement. The flip side of this monumental decision, and financial planning concern, is choosing which option to chose by which you will create a stream of income from a pool of pension plans.
There are many options available. Pension income drawdown is one of them. This video covers how pension drawdown works, the fact that pension income drawdown is an option that needs to be used diligently and with skill applied, which makes advice crucial. The various considerations around where to invest, how much income, the tax and death benefits position need to weighed very carefully. Running a pension income drawdown requires regular reviews and close monitoring.