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How to generate an income from your savings, by Mike Deverell

20 August 2012

As the credit crunch continues, pensioners are being hit hard by record low gilt yields and interest rates. For those relying on savings for income, inflation is the biggest danger. At present interest rates on cash (especially after tax) are typically far below inflation, so cash savings are shrinking in real terms.

Low gilt yields are also affecting annuity rates. This means that those using their pension funds to buy an annuity are receiving a much lower income than they would have done in the past.

Bright side

Luckily, annuities are not the only option for pensioners. Drawdown, which was previously only available to those with large pension pots, is now much more affordable and can present an alternative option for smaller pension pots.

Drawdown means your pension fund remains invested and you draw you...

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