Advice needed

Marges

I am 52 so no access to pension for me.

AnotherJoe

Marges wrote: »

We can get by as we are, can wait till year end to review. £100k is enough for one btl to supplement income.

How do you know it will supplement income and not be a cost? . Could you give a short example of your workings out you've already done including expenditure including extra SDLT,amd ongoing taxes, and what sort of profit you think it would make?

Reason I ask is so many people here seem to think it's an easy route to riches, but actually it can be hard work, and then a big element of risk as well. And when you actually do the numbers it's either at a loss or the small profit isn't worth the risk. Think a tenant that trashes the place and is evicted (at your cost) after 6 months non payments. Even one such tenant will wipe out years of potential profit.

There is also no reason to think an IFA will want to sell you an annuity, drawdown is also a possibility, you could look at 3-4% a year from 100k at pretty low risk. One BTL with your whole £100k is equivalent to putting all your investments into a single companies shares. They may charge for managing on an ongoing basis or charge for a single visit to give basic outline in say two hours.

atush

AS stated, if he took his 100K pension, he would not get 100K but under 68K. Can you buy for that? Can you justify losing so much of his pot in tax?

Live on your income, and use his redundancy for extra costs. Then he can find another job he can do after the surgery.