Money Minder UK

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Cashing out

In Brief: Cashing out

Tuesday, 22 October 2019

Since the new freedoms granted over how retirees can access their pension, a new report suggest that many now have had to return to work after a huge spending spree. Individuals now have the option of choosing a combinations for their pension pot such as when to access their pension, use their savings and what type of product they wish to use. Many don’t seem to have fully appreciate the consequences of ‘cashing out’ on their pension pot with more than five million now feeling financial pressure during their retirement.

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