If you’ve accessed your tax-free cash and you’ve still got money in your plan, it means you have flexible options. How much to take and when? Which funds should you invest in? It’s up to you to choose.
Meet Bob. He’s 60. He has decided to down his tools and pick up on his hobby – his boat. He wants to take his 25% tax free lump sum to do up and kit the boat out. So that leaves him the rest of his money to enjoy on the water. He will get his State Pension in five years, but he wants to live on more than that. Should he splash out? How much will he need to keep afloat?
The more you take out now, the less you will have later. Take care you don't run out too soon.
You should take a regular look at your investment funds. No funds can guarantee growth, nor are they free from risk.
Just because you’ve taken some retirement money out of your plan, it doesn’t mean you still can’t pay money back in.