Pension planning

Sully49

As a general rule of thumb is it wise to take a pension at 55 or as I believe it is more sensible to wait until 62 years of age, or the later you wait, even +1 from there on in? I know that everyone's circumstances are different so an independent financial professional should be consulted before one does anything I am looking for any advise available.

Silvertabby

The rule of thumb with pensions - is that there is no rule of thumb.

AnotherJoe

Sully49 wrote: »

As a general rule of thumb is it wise to take a pension at 55 or as I believe it is more sensible to wait until 62 years of age, or the later you wait, even +1 from there on in? I know that everyone's circumstances are different so an independent financial professional should be consulted before one does anything I am looking for any advise available.

Advice is not allowed here, but without some information (you dont provide any) not even opinions could be put forward, other than, as said by Silvertabby, that there is no rule of thumb nor could there possibly be since there could be two people in identical financial situations who would take very different attitudes as to when to take a pension (which, by the way, is not the same as retiring)

atush

Some people say not to take pensions at 55 because

A- they are DB/Final salary ones so will be reduced up to 50% if you do so

B- if you are still working, as then the pension would mean you pay more tax

pvt

atush wrote: »

Some people say not to take pensions at 55 because

A- they are DB/Final salary ones so will be reduced up to 50% if you do so

B- if you are still working, as then the pension would mean you pay more tax

And other people would say that you you should because, even though it's a lower pension, you'll get 7 years more of it, and being a lower pension you'll pay less tax (overall).

It all depends on when you're going to die.

So Silvertabby's observation is the most helpful here.