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ill health pension advice?
coyler
Posts: 4 Newbie
in Credit cards
Hi,
I'm trying to help my parents decide which is the better option for them and would love some input if you would be so kind!
My father is now unable to work and is about to take his ill health retirement pension.
He can take a lump sum of £14.5k with an annual pension of £7.3k or there is also the option that he can reduce his annual income to £5.4k for a larger lump sum of £36.5k (is this taxable?)
Just to give you a little background info my parents have just finished paying their mortage off around 6 months ago so don't have to worry about that.
They are also in their early 60's.
We would greatly appreciate any of your thoughts and what you would do if in their position!
thanks in advance!
I'm trying to help my parents decide which is the better option for them and would love some input if you would be so kind!
My father is now unable to work and is about to take his ill health retirement pension.
He can take a lump sum of £14.5k with an annual pension of £7.3k or there is also the option that he can reduce his annual income to £5.4k for a larger lump sum of £36.5k (is this taxable?)
Just to give you a little background info my parents have just finished paying their mortage off around 6 months ago so don't have to worry about that.
They are also in their early 60's.
We would greatly appreciate any of your thoughts and what you would do if in their position!
thanks in advance!
0
Comments
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Are you for real? - Glass Half Empty??
:coffee:0 -
oops! thanks!0
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