IN a little over two weeks people aged 55 or over with pension pots will be able to exercise freedoms barely dreamt of a year ago.

Pension holders can withdraw all or part of their pension savings at whatever pace they desire.

People are considering which cruise to book or which colour of dream car to plump for.

A word of caution - if these decisions may make you destitute in retirement, then it makes sense to think carefully.

Do you want to pay 40% tax on withdrawals from your pension? Or withdraw tax-free?

Are you happy without a guarantee of income? Are you excited by the prospect of investment returns? Do you want to leave funds to anyone on your death?

The answers are complex, specialised and very specific to each person.

More than any other issue in 2015, seek advice on this rather than regret it for the rest of your life. Invest Southwest 49/50 East Street, Taunton TA1 3NA Tel 01823-353970