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Disadvantages of Taking a 25% Lump Sum
- Location: Ireland
Taking a 25% lump sum from your pension can seem appealing, but it comes with significant downsides. One major concern is the potential for poor financial management. Many retirees underestimate their spending needs, leading to rapid depletion of funds.
Additionally, receiving a large sum may result in tax implications. Though the initial 25% is tax-free, subsequent withdrawals could push you into a higher tax bracket.
Inflation poses another threat. If your lump sum isn’t invested wisely or doesn’t earn enough interest, its value erodes over time.
Moreover, opting for a lump sum means forfeiting regular pension payments that provide security and predictable income throughout retirement. This lack of steady cash flow can lead to financial stress later on.
Early withdrawal might limit future options like converting remaining funds into annuities for guaranteed income streams down the line.
Secure Your Financial Future – Get personalised advice from Money Maximising Advisors on how to make the most of your pension at retirement.
For more Details to know, Visit us:- Should I Take A 25% Lump Sum of My Pension At Retirement?
Money Maximising Advisors Limited (https://mmadvisors.ie/)
Call: +353 91 393 125
Email: office@mmadvisors.ie
Address: Unit 3, Office 6, Liosban Business Park, Tuam Rd, Galway, Ireland
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