As a pension saver, there are now a host of different options to choose from when you turn 55. This is thanks to the “pension freedoms”, reforms first announced 10 years ago, which allow people to access their retirement savings more flexibly – including being able to cash in their entire pot in one go. That said, just because you are able to draw an income – or take tax-free cash – from your pension at 55 (going up to 57 in 2028), it doesn’t necessarily mean you should. If you don’t feel confident about knowing what to do when you reach this age, you’re not alone. Studies repeatedly show that many people feel overwhelmed at the thought of having to make a decision. Here we help you understand the various options – and which one might be right for you: How much pension can you take tax free at 55? How much will you lose if you take a lump sum? What you can do with your pension at 55 Income drawdown Buying an annuity The hybrid option Can you take your pension and still work? Defined contribution vs defined benefit pension Seek advice Under rules which took effect in...