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When it comes to planning your retirement, there’s no longer just one “right” way to do it. Pension freedoms in 2015 opened up a world of choice, and now—thanks to rising annuity rates and changing lifestyles—more retirees are mixing different income sources to create a balanced, flexible, and sustainable retirement plan.
In episode of the Retire Well Podcast, we explore how to combine guaranteed income with flexible assets to build a retirement that’s both secure and adaptable.
Retirement today doesn’t have to mean a hard stop. Many people now ease into it—working part-time, consulting, or even “retiring and returning” to work later.
At the same time, the ways you can draw an income have multiplied. Beyond your State Pension, you might have a defined benefit (DB) pension, an annuity, or flexible pension pots accessed through drawdown or lump sums.
A blended retirement strategy uses a combination of these to cover different needs—steady, reliable income for essentials, and flexible options for lifestyle spending and unexpected costs
Guaranteed income forms the foundation of many retirement plans. These sources provide security and predictability:
“Using your guaranteed income to cover essentials gives peace of mind. It means your flexible investments can focus on lifestyle and growth.” — Joe
Alongside guaranteed income, flexible assets give you control over timing, tax efficiency, and spending choices. These might include:
The key to a successful blended strategy is deciding which sources to draw from and when.
Consider the following principles:
Blended retirement strategies offer the best of both worlds: reliable income when you need certainty, and flexibility when you want control. The right mix will depend on your lifestyle goals, financial situation, and how you want to spend your time in retirement.
Planning ahead and reviewing regularly ensures your retirement income works for you, both now and in the years to come.
If you’re approaching retirement and unsure how to balance your income sources, speak to a financial adviser.
At Wealth of Advice, we help clients design personalised retirement strategies that blend security with flexibility so you can enjoy the lifestyle you’ve worked for.
Want help getting started? Get in touch with our team to explore your options and plan your ideal retirement.
If you want a better view of what your future could be, we'll have a chat and work out if we make a good fit for you and your financial picture.
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