How much income should I take?
This will depend on your circumstances.
Initially you might want to look at your income and expenditure to determine whether there is a certain amount of income that you need. Making sure that your essential expenditure is covered by secure income, in the form of an annuity, may be an important consideration. Our budget calculator could help with this.
The amount of variable income you can withdraw will depend on how your investments perform. If your investments perform badly you may have to reduce the income you withdraw, or even stop taking income, to avoid depleting your fund.
A key principle of personal financial planning is to keep a reasonable cash buffer to cover any emergencies. Many use the opportunity presented by the tax-free lump sum to top up their cash reserves.