E18: How to not run out of money in retirement with Mark Jones, Faith Archer and Martin Parzonka
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We’ve spoken in much depth about preparing for retirement on The Pension Confident Podcast, but we’ll all eventually get to a stage where we find it’s time to start taking that money out of our pension pots, rather than putting in.
After decades of working and saving into your pension, you’ll be looking forward to the day when it’s finally time to retire and you can start spending your pension cash. But, you might not be sure what the smartest way to withdraw your money is. Furthermore, you might be fearful of it running out.
To take us through all the withdrawal options and discuss how we can make our money last in retirement are our expert guests:
- Product Director at Legal & General Retail; Mark Jones
- Financial Journalist and Founder of Much More With Less; Faith Archer
- PensionBee’s Head of Product; Martin Parzonka.
Episode Breakdown:
02:32 Predicting how long you’re going to live
05:39 When can you take your pension?
06:38 Annuities
07:36 Pension drawdown
16:45 Making a pension withdrawal plan
19:27 Measuring risk
22:54 Having multiple sources of retirement income
24:25 Resources to aid your pension withdrawal plan.
Further reading:
Think about your pension withdrawal plan with the help of these resources from PensionBee.
- Episode 18 transcript
- Pension drawdown
- Pension annuity
- Pension drawdown calculator
- State Pension age calculator
- Inflation calculator
- Drawdown explained (Youtube)
- How to withdraw money from a pension fund
- Should I take a lump sum from my pension?
- Pension decumulation
- Why have annuity purchases been increasing?
- What happens in a Pension Wise appointment?
Other useful resources:
- Pension Wise
- Retirement planning course (Legal & General)
- Life expectancy calculator (ONS)
- Death clock
- Investment pathways (FCA)
- FIRE movement (Investopedia)
- Senior railcard
- Older person’s bus pass (gov.uk)
Catch up on the latest news, read our transcripts or watch on YouTube:
Follow @PensionBee on X, Instagram, TikTok, Facebook, Threads and LinkedIn.
Follow Faith @MuchMoreWith Less on X, LinkedIn and Facebook.
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