pensions

aayush

Hi I am going to reach the big 50 soon and wanted to find that if i wanted go for other property as will be able to draw down from pension Plans at the age of 55 as want this property to be my extra nest egg pension what are the chances ,As am in between jobs as left job has I had taken time for the 1 time in six years due GP orders

Thus think Income will come in to again as am no spring Chicken

dunstonh

aayush wrote: »

Hi I am going to reach the big 50 soon and wanted to find that if i wanted go for other property as will be able to draw down from pension Plans at the age of 55 as want this property to be my extra nest egg pension what are the chances ,As am in between jobs as left job has I had taken time for the 1 time in six years due GP orders

Thus think Income will come in to again as am no spring Chicken

I'm sorry but I don't quite follow what you are saying. You may wish to re-edit your post. You may also want to include some figures and what you are trying to achieve.

mania112

Taking cash from a pension to purchase a property (and have that property as your retirement income) is a high-risk strategy and generally not advised.

atush

Not to mention almost impossible if you need any kind of loan as you are unemployed.

Why you would take money out to a pension, where it is safe from means testing (as you are unemployed) and open to spending or loss is the question i'd like to answer.

The pension can give you income if required, a property will cost you instead.

aayush

dunstonh wrote: »

I'm sorry but I don't quite follow what you are saying. You may wish to re-edit your post. You may also want to include some figures and what you are trying to achieve.

well I want to purchase other flat but at the age of 50 a bit hard to get a morgtIhink and then was wondering if to the tax free sum from my pensions of which i think i have is 25% an leave the second property as income to son and family