job ending 4 years before retirement age.

enthusiasticsaver

The first thing you need to do is work out your "number" which is the minimum amount you need to live off, either annually or monthly.

Your daughter will need to apply for student finance. I would not downsize until this is sorted and definitely would not pull out money from your pension to buy a flat to rent out. BTL is no where near as tax advantageous as it used to be. Presumably your pension is well diversified but a flat is not.

Once you know how much you will need (student support aside) you have a few options available. You need to check how much your state pension will be and whether you have full contributions. Then you can calculate the shortfall and the amount you will need going forward. You can either put the Aviva and/or L and G into flexible drawdown and withdraw the PCLS to cover your outgoings or use the money from downsizing your house. Alternatively of course if you get another job you may not need to do either. Whichever you have options so I don't think you need to panic too much.

CapricornLass

If your income substantially changes after your daughter starts uni, you can write to the Student Loan people with the proofs of the change income, and they will recalculate it. I did this after we lost 2/3rds of our income when my husband jacked his job in, and I had one in Uni and one living away from home at college - at once! You will need to be persistent and patient, though.

michaels

Live off savings plus tfls whilst dd is at uni rather than a pension as you then have zero income so dd can get max loan. As stated above this can be based on actual year income rather than previous year if this is beneficial.

jackieblack

MallyGirl wrote: »

Yes - that is true. Vets don't actually seem to be that well paid, on top of either a 5 or 6 yr course, so there is reasonable doubt that the amount that will build up will be paid off. All sorts of things may happen to change that position- lots of EU vets going home and hard borders needing vet presence for livestock monitoring for instance.

Depends massively
My DD works at a big referral practice. Senior clinicians there are earning six figures.
Newly qualified vets working in a first opinion practice... not so much.

MallyGirl

Thanks - she has to get in first and we are currently in the middle of LVI mocks. I would love her to get to the position where she does pay it off as that would mean success in something that she really wants to do.