When and How Should I Take My Pension?

Lucky you!  If you have a pension available to you, then you are in the fortunate minority. Your decisions about when and how to take your pension can have a dramatic effect on your retirement outlook, so great care should be taken to choose wisely.  If you are married then you may take a reduced option for survivor benefits. Many pensions do not require that you take the income when you retire, which allows you to defer this income stream until later and receive a higher amount.  Deferring this income can open up a tax-planning window that will allow you to draw down some of your other assets at a minimal tax rate.

Each situation is unique and you have worked too hard to earn the pension to take the decision lightly.