We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

pensions

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

Comments

  • dunstonh
    dunstonh Posts: 118,601 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    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.
  • mania112
    mania112 Posts: 1,981 Forumite
    Part of the Furniture Combo Breaker
    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
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    aayush Posts: 1,295 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.