Pensions & retirement: questions and answers

United Kingdom 16

1. Should I stop making SIPP contributions after retiring?

   Not automatically. Even after retirement, a small SIPP contribution can still receive tax relief, but the value depends on your available pension allowances, whether…

2. How much State Pension will I get, and can I trust my forecast?

   The full new State Pension is £241.30 a week in 2026/27, but your amount depends on your National Insurance record: you need 10 qualifying years for any pension and…

3. Should I start emptying my SIPP when I retire?

   You do not need to empty a SIPP when you retire. Plan withdrawals around spending, other income, tax bands, investment risk and beneficiaries. Taking money gradually…

4. Can a later drawdown be a separate complaint?

   A later lifetime-mortgage drawdown can potentially be a separate complaint issue, but it does not automatically restart the time limit for an earlier mis-sale…

5. Should I move cash before pension drawdown?

   Moving a pension from cash to investments before drawdown is not automatically right or wrong. The key is to match near-term withdrawals with a suitable cash reserve…

6. Should you put extra money into a pension or savings?

   For many people, the order is emergency savings first, then valuable employer pension contributions, then a decision between extra pension and flexible savings or ISA…

7. Can National Insurance help find old private pensions?

   No. Your National Insurance record is useful for State Pension purposes, but it does not form a universal register of every workplace or private pension you ever had…

8. Should you take a pension lump sum or keep the income?

   Pension lump-sum choices depend on the scheme. Post-6 April 2016 State Pension deferral normally increases weekly payments, while older State Pension rules can allow a…

9. How much cash should I keep with a DB and State Pension?

   There is no official one-size-fits-all cash target for someone living mainly on a defined benefit pension and State Pension. A sensible starting point is at least three…

10. Should I complain to my pension provider or the ombudsman?

    Complain to the pension provider first, then escalate according to pension type and problem. GOV.UK says a provider normally has up to eight weeks to respond. The…

11. Should you buy an annuity to reduce inheritance tax?

    Buying an annuity can change how your wealth is held, but it is not a simple inheritance-tax saving. From 6 April 2027, most unused pension funds will enter the estate…

12. Can I carry forward unused pension annual allowance?

    Yes. For 2026/27, the standard annual allowance is £60,000 for most people, and unused allowance can normally be carried forward from the previous three tax years if…

13. Should market turmoil change how you invest a DC pension?

    Market turmoil can be a reason to review a defined contribution pension, but it is not a reason by itself to abandon a long-term investment plan. Check your time…

14. Which pension fund should you take UFPLS from?

    UFPLS is normally a tax-free lump-sum part plus a taxable part from a defined-contribution pension, but the best fund to draw from depends on charges, investment mix…

15. Are pension benefits paid after age 75 tax free for a surviving spouse?

    Usually not. For UK pension death benefits, the member’s age at death can change the Income Tax treatment, and benefits paid after age 75 are generally taxable for the…

16. How is NHS ill-health retirement taxed?

    An NHS pension paid after ill-health retirement is generally taxable pension income, while any separate lump-sum payment has its own tax treatment. Your tax depends on…

United States 4

1. How should I prepare financially in the year before retirement?

   Use the final working year to lock down cash flow, healthcare, account withdrawals, beneficiaries and tax planning rather than simply changing investments. In 2026, the…

2. How much can you put into a 401(k) after tax in 2026?

   In 2026, the basic 401(k) elective-deferral limit is $24,500, but a plan that permits non-Roth after-tax contributions can allow more, subject to the overall…

3. What should you do with dividends and capital gains inside a Roth IRA?

   Dividends and capital gains inside a Roth IRA generally remain inside the tax-advantaged account until you take a distribution. You can usually reinvest the cash, leave…

4. If I earn 40 Social Security credits and stop working, will I get full benefits at 67?

   Forty credits are generally enough to qualify for Social Security retirement benefits, but they do not guarantee a full or maximum payment at 67. Your benefit also…