Debt Consolidation Credit Counseling In Phoenix

In the present UK economic climate a great many people over the age of 50 are experiencing some degree of financial difficulty. Many in this age group may be unaware that they could utilise their pension funds earlier rather than later to alleviate their financial hardship.

You are able to withdraw the Tax Free Cash and leave the remaining fund invested to produce your pension income until your planned retirement Yes, it's true, by using Pension Release you can access some of your pension benefits now in date. Pension Release is a method of taking some or all of the Tax Free Cash from your pension (usually 25% of the fund value) and leaving the remaining fund invested until you chose to retire or take income from your pension. From 2010 you will have to be 55 to take Pension Release.

Even if you take benefits from your pension as young as age 50 you can still continue to work and contribute to your pension. This can be done immediately or at some point in the future when your finances are back under control.

Any new contributions will create an additional fund from which you can take more Tax Free cash and additional income. All contributions attract tax relief and can be paid as regular payments or as lump sums. Pensions are more flexible than you may have thought but seek qualified Independent Advice before committing yourself.

Pension Release is a great option for many but you must not lose sight of the fact that. You are essentially taking income today in exchange for forgoing income in the future. You must be fully aware of any hidden costs, and the financial implications of this action in terms of losses as well as the immediate gains.

You should seek Specialist Pensions Advice and certain Independent Pension Advisers will not charge you to investigate your pension plans and inform you of your options, so shop around.

In many cases your existing pension provider will have the facility for a Pension Release. If this is not possible it will be necessary to transfer your benefits to another arrangement. This is likely to involve some costs and you need to be fully aware of these before confirming. You should push to get the Tax Free cash element deducted before any costs and charges are applied.