Re: Early pension...good idea??
It's tough luck when, after making sensible provision for your old age, you see it all crumble away before your eyes through no fault of your own. I feel so sorry for you Steve. Whatever course of action you take, don't get into the clutches of the moneylenders.Re: Early pension...good idea??
Hi there, Deliberating our futures is not easy, is it?Re: Early pension...good idea??
I cashed in my small private pension when I was sixty and only lost £40 per month by taking it 5 years early. With interest rates being as they are, your pension pot is likely to make very little more in the next five years anyway, so it could be a worthwhile thing to consider if it would give you financial security now. It may be worth having a chat with a professional however, if you aren't sure or there are large sums involved...Re: Early pension...good idea??
I have not fallen into the "payday" loan scams ..although I do have a bank loan ..which at the moment it on a minimum payment which will take 80 years to payback ....so far the company has been understanding as it is a BANK ...I do up the minimum payments when ever i can especially when a smaller debt gets paid off and contact them regularly to to keep them informed and so far they seem happy with that....I have other more drastic options to raise money as i have a good equity in my house, but unfortunately not enough to sell and downgrade in something smaller., Or at a push I could approach a equity release Company , something i will not do lightly especially at my age.Re: Early pension...good idea??
we had a very small private pension cos my husband was misadvised and before he was due to retire they asked if he'd like a larger monthly pension, not a lot larger though or a lump sum and smaller pension. He went for the lump sum as his health had deteriated and we'd no idea how long he'd live, we made the best choice as he died 2 yrs later.Re: Early pension...good idea??
Well Steve I'm taking early retrement next year so will be taking all bar one of my pensions early apart from the state pension of course which I can't take now until I'm 65. I will be 59 when I retire. I have 5 private pensions in total. One wont pay out until I'm 60 and of the other four 2 are final salary schemes and the other 2 are money purchase which I shall use to buy an annuity with. I think I shall be able to manage OK. My current company scheme allows me to take 25% as a tax free lump sum. I am also fortunate in that we have the services of an IFA here paid for by the company which is a great help as the whole pension thing is a minefield. You may want to take some advice before you take the plunge but I would have thought taking your pension early would work for you. Good luck.Re: Early pension...good idea??
We took early retirement in our mid 50's. I don't regret it for a moment, but I would say, don't go into it underfinanced! You will still need an income and savings to back things up. How much you need depends on your circumstances, but even with all mortgages, loans etc.. paid off, you will still need to cover all day to day expenses, holidays, contingencies etc..Re: Early pension...good idea??
I took early retirement at 57 in order to look after my disabled wife and have never regretted it. We occasionally run short of money, but have always managed somehow.
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