Early-Retirement Advice

atush

Gregor888 wrote: »

Thanks for the advice and comments everyone.

FWIW,I have another fairly good pension from a previous employer currently in payment which means that I certainly won’t be impoverished.

I am still inclined to wait till I’m 60 as this increases my overall pension level, and chances are that the wife will get half this pension for an additional 20 years or so after I’m gone – and if I kick the bucket whilst the kids are still in full-time education, she’ll get the full pension.

Sounds like a good plan to me, esp as you have already commenced the other pension.

Bazofts_Revenge

atush wrote: »

To live with 3 kids that young? At a lower pension for all their most expensive years (from cars/DLs to house deposits to Universtity? Do you have kids? Do you know how much they cost? I am at the stage with 2x19 yr olds at Uni ad let me tell you, they are very expensive still.

No pockets in shrouds, true. But unless you are sure you will die young, better to think you will at least live til the average cohort date.

Yes I do and have been helping out with Car insurance... But generally I make mine pay their own way. I never asked my parents for a Penny once I left education and I believe paying my own way meant I learnt the value of money very early on.

For the OP I would check your policy document but I understand my pension would still payout half of my full pension earn't to date on death whether I took my pension early or not.

atush

Mine are at Uni so can't pay their way. In fact, they have applied for over 50 jobs and there are none for the summer where we live. I am thankful your children found jobs or I assume they'd be at the food bank?

My point was, with kids that young coming up to the most expensive times of their life, the OP is wise to hold off commencing his pension with a heavy actuarial reduction given he has already done this once.

kidmugsy

Deferring your pension is equivalent to buying an inflation-linked annuity at age 60 that yields about 4.4% p.a. That's pretty good for age 60, especially given that it brings 50% widow's benefit for a woman who will then be only 45 or so. That's what I'd do in your circs if you are in good health and if your family is not especially short lived.