Can I cash in my pension?
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Babies, die, and male babies are more likely to die . So you really need to strip these and other early life events out of the equation.
'You reckon' is your biggest problem with this. As your reckoning seems to have no basis in fact that we can see. You may be observing others you know, who may have genetic and lifestyle factors you and we don't know about?0 -
Babies, die, and male babies are more likely to die . So you really need to strip these and other early life events out of the equation.
'You reckon' is your biggest problem with this. As your reckoning seems to have no basis in fact that we can see. You may be observing others you know, who may have genetic and lifestyle factors you and we don't know about?
you have all yours worked out , best of luck !
all your calculations etc are useless if you dont live as long as you predict (80), you are baseing your comments calculations on a gamble of living that long, which is why the younger you are when you draw the pension the more chance you will get of getting more back, and thats what i reckon atush0 -
yet you will be drawing less per year.
And I make my personal LE calculation based on nat statistics, then raise or lower due to my own details such as parents ages at death, genetic predisposition to diseases such as Cancer, and lifestyle choices such as not smoking.0 -
i wont be drawing less per year as it goes up by inflation rate also i will get approx 10 years from before normal retirement date that stands at 65 atm and rising , i just think the whole scenario is a risk and the high risk age is 60 and above , claiming a pension with the option of a lump sum at 55 when prob your kids will need it ,also how do we now if the age will go up like it has done from 50 to 55 in the next few years ! no thanks i aint waiting till im in my sixies to draw it, , of course theres a reduced amount by having it early but you are getting more years out of it , i used to work in the chemical industry and the expected age there is 71 , theres not many that i new that got more than 10 years from there pension , thank god i left many years ago0
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yes you will draw less to begin with. As it is actuarily reduced per year that you are under the normal retirement age.
but are we both talking an actual personal or work based pension? Or are you confusing things with the State pension, as your age references aren't clear.0 -
Good Evening
Newbie here.
I plan to cash in my serps opt out pension with the pru next April at age 55.
At this years statement i have 40k in the 'pot'.
I understand I can take 25% as a lump sum.
My question is, does anyone know, on current experience, how much monthly pension the balance of 30k would buy me?0 -
Franklee, if you don't want the income, don't take it unless you have some need for it. If you buy an annuity it'd depend on what type. Buying an annuity at 55 is likely to be a bad move, though. Rates depend on age and are very low at 55. Using income drawdown and leaving the money instead could pay perhaps 5% of the £30,000 a year, up to you whether you take it or not.
If you don't need the extra income, taking it and paying it into another pension can be a good move. That'll get you a second tax free lump sum.
One of the more common bad ideas for things to do with the tax free lump sum at 55 is clearing a mortgage, except when repossession is about to happen and some significant capital payment is required to avoid it.0 -
Good Evening
Newbie here.
I plan to cash in my serps opt out pension with the pru next April at age 55.
At this years statement i have 40k in the 'pot'.
I understand I can take 25% as a lump sum.
My question is, does anyone know, on current experience, how much monthly pension the balance of 30k would buy me?
When my OH enquired this year about his (he is 55).He had £20,000 in his pot and it was £5000 lump sum and just over £700 per year..(before tax obviously) Thats with the pru.
Give them a ring.0 -
I agree, my husband took one of his pensions 5years ago and it worked out,by the time he retires,he will have drew over £37,000 out of the pension..If he would have left it,that would have taken years and years to catch up..Better to enjoy it while you can,you never know whats round the corner.bankhater_1965 wrote: »i wont be drawing less per year as it goes up by inflation rate also i will get approx 10 years from before normal retirement date that stands at 65 atm and rising , i just think the whole scenario is a risk and the high risk age is 60 and above , claiming a pension with the option of a lump sum at 55 when prob your kids will need it ,also how do we now if the age will go up like it has done from 50 to 55 in the next few years ! no thanks i aint waiting till im in my sixies to draw it, , of course theres a reduced amount by having it early but you are getting more years out of it , i used to work in the chemical industry and the expected age there is 71 , theres not many that i new that got more than 10 years from there pension , thank god i left many years ago
I think more and more people are taking pensions early to make ends meet?0 -
When my OH enquired this year about his (he is 55).He had £20,000 in his pot and it was £5000 lump sum and just over £700 per year..(before tax obviously) Thats with the pru.
Give them a ring.
Don't give them a ring. They offer poor value annuities (though not the worst)
Give and IFA a call to shop around0
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