37 years old and early retirement - advice needed please

bgscotty

Hello gang!

I would be grateful for your advice and comments on my specific query and situation.

On 19 October 2007, I took early retirement from employment on medical grounds.

As part of this, I will receive a pension of £5100 (approx.) and a lump sum of £15100 (approx.). I am just about to send the confirmation of my personal details to the pension provider to allow the pension to be processed.

The pension will be my sole source of income (not including any benefits I may be entitled to claim).

In terms of the pension, is there anything I should do to maximise the income? For example, is it possible to fund any other type of pension-related investment to give an additional source of income?

In terms of savings, I have some money in various accounts (Halifax Regular Saver, Sainsbury's Internet Saver, NS&I Index Linked Certificates) and I have maxed out my ISA allowance.

I would like to ensure I am making the most of my now-non-taxpaying status and wonder if there is a way to achieve this effectively (e.g. from my savings, pension income etc.).

Also, is there anything else I can do to maximise the potential of my general financial situation now I'm retired?

All hints and tips gratefully received.

Thank you in advance for your help.

Scotty

dunstonh

is it possible to fund any other type of pension-related investment to give an additional source of income?

Yes.

Also, is there anything else I can do to maximise the potential of my general financial situation now I'm retired?

Probably although we would have to know your situation to comment.

Sorry for being a bit limited on the response but as it stands it is impossible to really comment as there is just so much that is possible for you but could be eliminated with more info.

EdInvestor

Cases where there is a "crossover" between pensions, savings and benefits are quite difficult to advise on. I would see your CAB in the first instance to get a grasp of what benefits you may be entitled to, including which are means-tested and what the rules are in terms of how much you can have in savings and what wrappers they should be in ( eg anything that has a life insurance element is often not counted as far as capital is concerned, but withdrawals may count as income, so benefits can be reduced that way.)

If you get any good info in this area, do let us know .

bgscotty

Hello.

Thank you for the replies.

Could I ask the general kind of information which might allow you to give me more details?

I appreciate that it is difficult to comment on my specific situation, but broad hints or advice would be much appreciated too.

Thank you in advance.

Scotty