local Authority DB frozen in 1996

PeacefulWaters

nicknack321 wrote: »

I want some cash NOW....my choice isn't it..?

Are you an eight year old?

If so, you have to wait a few decades anyway.

mgdavid

nicknack321 wrote: »

I want some cash NOW....my choice isn't it..?

not if you run out of cash before your state pension starts and you then expect to sponge off, sorry, 'be supported in your hour of need' by the taxpayer, i.e. ME.

Are you thinking of using the cash to clear a mortgage perhaps?

nicknack321

No I'm 56 and really cannot understand your need to make hostile comments. Every persons circumstances are different and you can't know mine.


To dunstonh..thank you for your comments.. cannot understand the last one though...I believe the choice IS mine even if I have to pay some so called "independent financial advisor" over the odds to sort it.

nicknack321

To MgDavid.. On the contrary I expect to work well past 65 and receive no benefits of the state and yes paying off mortgage is a possible option

mgdavid

nicknack321 wrote: »

No I'm 56 and really cannot understand your need to make hostile comments. Every persons circumstances are different and you can't know mine. .....

spot the 'smilie'.
I apologise if you are unfamiliar with netiquette.

The quality of responses you will get to your question is proportional to the information you provide. If you have special circumstances then it may be helpful to share them otherwise there's a risk of you being mistaken for the Daily Mail's 'Lamborghini-buyer'.

nicknack321

Thanks to all who've taken time to give their thoughts. It never occurred to me that I may have been seen as a Jeremy Kyle guest, living on benefits in a council house hoping to spend £100000 on cocaine and bob hope then go down the SS with my hand out.


Maybe I should be more like that

hyubh

nicknack321 wrote: »

I expect to work well past 65 and receive no benefits of the state and yes paying off mortgage is a possible option

Then why are you so keen to chuck away a guaranteed, index-linked income that is only five years away from starting?

nicknack321 wrote: »

paying off mortgage is a possible option

What is your current mortgage rate, and how long does it have to go?

nicknack321

I want the financial flexibility really. Mortgage has 9 years left fixed for 5 at 2.59% I want to help grown up kids financially now also. If we both die at about 67 then its all gone instead of going to kids. Also with cash now I could ease back on work i.e. less hours etc or maybe start up for myself

hyubh

nicknack321 wrote: »

I want the financial flexibility really. Mortgage has 9 years left fixed for 5 at 2.59%

On the face of it that makes the idea of giving up a valuable pension just to clear the mortgage off a bit quicker sound not very cost efficient. Have you run the numbers through a spreadsheet?

If we both die at about 67

A few posts ago you were expecting to work past 65, yet now you're saying you and your wife both expect to die age 67? It doesn't make sense. Are you familiar with current mortality rates...?

nicknack321

Not talking of giving it up just taking 25% tax free now. A different pension isn't necessarily going to be that bad. Surely £86'000 invested in a private pension and topped up over 10 years will give a reasonable return. Not planning on death at 67 but may happen. Not planning on giving up work completely at all.