This investor wants to reduce his working hours from age 60 and supplement his income with his savings and investments
The accounts from which he should withdraw first will depend on factors such as whether he is earning a salary and there are a number of ways he could take money from his pension
If he has an entirely income focused strategy he might miss out on capital growth so a more balanced approach may be better
Sipp, Isas and general investment account invested in funds and direct equity holdings, cash, residential property.
Work part time from April 2024 and draw £30,000 a year from investments to supplement earnings; invest £80,000 in Sipp and Isas, and grow value of investments to £700,000 over next two years; take lower risk investment approach and preserve wealth.
Srichand is age 58, self employed and typically earns £30,000 to £40,000 a year. If he doesn't need all that he earns he keeps the money in his company. He has two grown-up, financially independent children.