Did You Blow Some (or All) of Your Lump Sum?

Langtang

michaels said:

Perhaps if I had a DB pension with a compulsory lump sum I would see it differently.

Interesting. We've just been speaking about this the other night. My wife has an NHS pension. Does she have to take the lump sum? Can she not just leave the LS in, and get a higher pension?

GunJack

Langtang said:

michaels said:

Perhaps if I had a DB pension with a compulsory lump sum I would see it differently.

Interesting. We've just been speaking about this the other night. My wife has an NHS pension. Does she have to take the lump sum? Can she not just leave the LS in, and get a higher pension?

It depends on what the rules are for the section(s) of the NHS pension she's in..

Langtang

GunJack said:

Langtang said:

michaels said:

Perhaps if I had a DB pension with a compulsory lump sum I would see it differently.

Interesting. We've just been speaking about this the other night. My wife has an NHS pension. Does she have to take the lump sum? Can she not just leave the LS in, and get a higher pension?

It depends on what the rules are for the section(s) of the NHS pension she's in..

24 years in '95, and a year or so in the latest one..

drummersdale

My wife used to change the subject when I talked about the possibility of taking partial retirement next year, then when I mentioned the TFLS she suddenly changed her tune and keeps talking about "knocking walls down" to have an open plan kitchen, etc...funny that.

Sunnylifeover50plan

I'm surprised we haven't had any posts about people buying Lambo's or Ferraris yet given that the pension industry says this is what many short sighted people are doing since the pension freedoms were introduced.

Ibrahim5

Knocking down walls doesn't cost much. Just need a big hammer.

jim8888

New car buying is a form of insanity. I know it, every FIRE and MSE guru tells me this, and I agree with them. Nevertheless, there I was down at the Jag dealership at the weekend, thinking that, on the whole, that PCP offer looked more than affordable given my lump sum and pension. You can't take it with you, but maybe it would be nice to drive some of it down the way? (Currently haven't made a decision and am surfing Autotrader to try and reduce fever.)

Albermarle

Sunnylifeover50plan said:

I'm surprised we haven't had any posts about people buying Lambo's or Ferraris yet given that the pension industry says this is what many short sighted people are doing since the pension freedoms were introduced.

They are probably not the type to inhabit a pensions forum .
Jim888 is looking at  a Jag though , and if it is an I Pace it will be about £70K 

longwalks1

I'm only 44 but part of my tax free lump sum will go on a new (for me) car, and possibly towards moving somewhere quieter in the UK, or, depending on the situation of the world in 2035, overseas (crosses fingers)

drummersdale

Ibrahim5 said:

Knocking down walls doesn't cost much. Just need a big hammer.

And perhaps a structural engineer and a few RSJs....