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Suttons Chartered Financial Planner, Steven Walker, was recently featured in The Telegraph Money Makeover advising on a reader’s predicament. The case study focused on a reader who was a chauffeur and about to enjoy retirement, but still a couple of years from state pension retirement age but wanted to know how ‘Can I spend my £520,000 savings (which consisted of a pension fund and an ISA Fund) and where possible minimise the impact of income tax’.

Steven went on to outline how, through a combination of using the readers personal income tax allowance and the unused allowance from his wife and the tax-free ISA withdrawals, the reader could withdraw income tax efficiently to meet his expenditure until state retirement age.

Then, after state retirement age, Steven advised on how financial plans could change in relation to the individual’s specific post-retirement needs. This included a possible deferment of state pension, taking tax free income from a SIPP and utilising an ISA to top-up income tax efficiently.

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Article by Steven Walker DipPFS, APFS, Chartered Financial Planner, Suttons IFA 2021