We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cashing in a Pension Now after Redundancy - A bad time?
Options
ianianian_2
Posts: 234 Forumite
The title says it all really.
I have absolutely no idea about pensions, so apologies if this is an obvious one!
My father who has recently been made redundant at 57 is contemplating cashing in a percentage of his pension. Is it a bad time to do so?
Thanks
Ian
I have absolutely no idea about pensions, so apologies if this is an obvious one!
My father who has recently been made redundant at 57 is contemplating cashing in a percentage of his pension. Is it a bad time to do so?
Thanks
Ian
0
Comments
-
He cannot cash in a pension. At his age, he can only crytallise his pension. That means taking 25% of it and taking an income. That income can be set at zero or taken. However, what is best will depend on his circumstances.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards