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    • Sully49
    • By Sully49 12th Jul 17, 7:39 PM
    • 1Posts
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    Sully49
    Pension planning
    • #1
    • 12th Jul 17, 7:39 PM
    Pension planning 12th Jul 17 at 7:39 PM
    As a general rule of thumb is it wise to take a pension at 55 or as I believe it is more sensible to wait until 62 years of age, or the later you wait, even +1 from there on in? I know that everyone's circumstances are different so an independent financial professional should be consulted before one does anything I am looking for any advise available.
Page 1
    • Silvertabby
    • By Silvertabby 12th Jul 17, 7:42 PM
    • 1,398 Posts
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    Silvertabby
    • #2
    • 12th Jul 17, 7:42 PM
    • #2
    • 12th Jul 17, 7:42 PM
    The rule of thumb with pensions - is that there is no rule of thumb.
    • AnotherJoe
    • By AnotherJoe 12th Jul 17, 8:00 PM
    • 7,062 Posts
    • 7,537 Thanks
    AnotherJoe
    • #3
    • 12th Jul 17, 8:00 PM
    • #3
    • 12th Jul 17, 8:00 PM
    As a general rule of thumb is it wise to take a pension at 55 or as I believe it is more sensible to wait until 62 years of age, or the later you wait, even +1 from there on in? I know that everyone's circumstances are different so an independent financial professional should be consulted before one does anything I am looking for any advise available.
    Originally posted by Sully49
    Advice is not allowed here, but without some information (you dont provide any) not even opinions could be put forward, other than, as said by Silvertabby, that there is no rule of thumb nor could there possibly be since there could be two people in identical financial situations who would take very different attitudes as to when to take a pension (which, by the way, is not the same as retiring)
    • atush
    • By atush 13th Jul 17, 2:45 PM
    • 16,164 Posts
    • 9,856 Thanks
    atush
    • #4
    • 13th Jul 17, 2:45 PM
    • #4
    • 13th Jul 17, 2:45 PM
    Some people say not to take pensions at 55 because

    A- they are DB/Final salary ones so will be reduced up to 50% if you do so

    B- if you are still working, as then the pension would mean you pay more tax
    • pvt
    • By pvt 13th Jul 17, 3:56 PM
    • 1,331 Posts
    • 1,062 Thanks
    pvt
    • #5
    • 13th Jul 17, 3:56 PM
    • #5
    • 13th Jul 17, 3:56 PM
    Some people say not to take pensions at 55 because

    A- they are DB/Final salary ones so will be reduced up to 50% if you do so

    B- if you are still working, as then the pension would mean you pay more tax
    Originally posted by atush
    And other people would say that you you should because, even though it's a lower pension, you'll get 7 years more of it, and being a lower pension you'll pay less tax (overall).

    It all depends on when you're going to die.

    So Silvertabby's observation is the most helpful here.
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
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