Toys of Christmas Past: 30 Somethings
There can be few, if any, toys which have stood the test of time like Lego. The modern brick design was patented in 1958 and in 2015 Lego replaced Ferrari as the “world’s most powerful brand”. The secret to Lego’s enduring success must in no small part be due to its variety and adaptability. Down the years the humble Lego brick has been put to use in everything from medieval castles to the Bugatti Chiron.
As a 90s kid, I remember eagerly anticipating my Lego Alpha Centauri Outpost, a kind of luminous green moon-base complete with deflector shields and docking Avenger fighter craft. A wide-eyed eight-year-old me could stare at the box on the shelf and both imagine playing with the cool new toy as it was presented and also dream up other ways it could assembled. No doubt 60s, 70s, 80s and 00s kids have their own versions of this story to tell too.
For us at TPAS pensions stoke the same kind of wide-eyed excitement as the latest Lego set can in the young. In fact, since the advent of pensions freedoms in 2015, they can be just as customisable. For example, it may be possible to use your pension to take a tax-free lump sum to enjoy at the start of retirement before beginning to draw an income from the pot as and when you wish to do so. It may then be that in the later stages of retirement you more come to value a guaranteed income, which could be provided by using the remaining pot to purchase a lifetime annuity.
This kind of freedom can be particularly useful for the self-employed, who in many cases wish to phase their retirement by drawing an income at their discretion to make up for the smaller revenues they may see as their business winds down.
If you are self-employed and curious about what pensions can do for you, our free new Midlife Review Service aims to put them in the context of your personal circumstances and priorities and show you how a pension can be the first brick you lay down for retirement.