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Pension withdrawal
Glassman100
Posts: 1 Newbie
Hello, I have a modest pension pot which really is not doing very much now and in fact has lost value recently and I would like some advice please? Should I withdraw the full amount, which I know will be taxed, and put into a savings account, but when will I be able to claim this tax back? Thanks
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Comments
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Produces so many questions. First one is....how old are you?0
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, I have a modest pension pot which really is not doing very much now and in fact has lost value recentlyWhat did you do in 2020 when it fell by a larger amount?
Should I withdraw the full amount, which I know will be taxed, and put into a savings account, but when will I be able to claim this tax back?
Or in 2018 when it fell by a similar amount?
Or in 2015/16 when it fell by a similar amount?
Or in 2008 when it feel by a larger amount?
or between 2000-2003 when it fell by a larger amount?
What is different about another loss period?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It's easy to think it's time to bail and cut your losses but the market will, in time, recover. So I'm waiting it out myself.
I've shares I had planned to sell but every time I look at the prices they are lower and lower. I know that maybe by December, next June they will likely have recovered. (ok - so I'm an optimist) I could go ahead and sell and reinvest in something else but I don't really see the point. So I'll wait. And when they've recovered, I'll sell and then draw some money out.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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Depending on your other taxable income ( if any) you may or may not be able to claim back any tax you pay if you withdraw the pension pot.Glassman100 said:Hello, I have a modest pension pot which really is not doing very much now and in fact has lost value recently and I would like some advice please? Should I withdraw the full amount, which I know will be taxed, and put into a savings account, but when will I be able to claim this tax back? Thanks
All pension pots have lost value recently, but they will have made significant gains in recent years. You should look at it with a long term view.0
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