Paying a lump sum and getting monthly salary immediately. Can it happen?

ga34dery

Marcon said:

ga34dery said:

Marcon said:

ga34dery said:

Albermarle said:

Many people when they retire, exchange their pension pot for a guaranteed income. It is called an annuity.
Possibly I suppose you could buy one when younger and with non pension money, but it would be a rather specialised product. One issue is that if the income increases with inflation, or even partly with inflation, it pushes the price up significantly.
Have you no possibility just to get another job?

I did not know about annuities although I heard it from there and there. Thank you!....

Brie said:

Do you mean you are about to lose your job and want to access the money in your pension?  If so the answer is "yes but it depends".  More info required please!

Yes sir I will loose my salary.

Dazed_and_C0nfused said:

ga34dery said:

I have the possibility of losing my monthly salary. Is there such a legitimate program where I can pay a lump sum and get monthly salary immedately and reliable? To make it with sense: It can even amortize itself in 40 years. I can sacrifice from that.

Maybe try writing that again in plain English as it really doesn't make sense at the moment.

Sorry for not being an elite member of this forum. But MSE forum administratiors and owners must be looking from a global perspective and not with cheap calculations like trying to be elite.

Sorry, but still need information to answer your question.

How old are you?
Are you trying to access a pension fund?
Do you have any non-pension savings?
Are you being made redundant? If so, do you have any sort of income replacement insurance?
Are you resident in the UK, both physically and for tax purposes?

I am 50 years old. I had disability salary but I am getting better as my doctor says. I have the possibility of losing my disability income. Yes - I have non pension fund savings. No - I am a Turkish resident.

bostonerimus said:

There are lots of ways to generate income from a lump sum and increasing level of risk they are:

putting the lump sum in a saving account and spending the interest;
an annuity (with this one you lose your lump sum in exchange for higher income);
a ladder of bonds held to maturity;
a portfolio of stocks and bonds.

You can also spend the capital (apart from the annuity) if you plan well.

I'm not sure what mechanisms there are in the UK to put down a lump sum in exchange for an annuity in the future, that's sometimes called a deferred annuity or the various options you might have with insurance companies, but those are often expensive and not good value for money...anyway you have some things to research...books and google are your friend.

Thank you for the warm help 

As you have non-pension savings, you can buy an annuity (a regular sum of money payable at pre-determined intervals for an agreed period of time - say every month for a maximum of 40 years or until you die, if sooner).

If you're a Turkish resident, you will need to check the tax treatment of such payments, always assuming a Turkish resident can invest in an annuity.

If you're getting better, would a return to working life be a possibility?

Thank you

Dazed_and_C0nfused said:

ga34dery said:

I have the possibility of losing my monthly salary. Is there such a legitimate program where I can pay a lump sum and get monthly salary immedately and reliable? To make it with sense: It can even amortize itself in 40 years. I can sacrifice from that.

Maybe try writing that again in plain English as it really doesn't make sense at the moment.

Sorry for my unnecessary aggression. You did not have a bad intention as other people pointed out that what I wrote does not make sense. I got angry because people on the forums in the past told me that I did not belong to that place because of my English. No hard feelings Anyway

Brie

ga34dery said

Sorry, but still need information to answer your question.

I got angry because people on the forums in the past told me that I did not belong to that place because of my English. No hard feelings Anyway

Don't ever worry about what someone says about your English.  Even the English aren't always good about it!!  And I bet your English is a lot better than most people's ability to speak/write Turkish!!!

Albermarle

No - I am a Turkish resident.

Do you mean you are actually a Turkish citizen living in Turkey? If so then seems unlikely that anyone on a UK forum could help you very much, as financial products, laws and taxes are very different.

Or are you a Turkish citizen, but living in the UK ?

Marcon

Albermarle said:

No - I am a Turkish resident.

Do you mean you are actually a Turkish citizen living in Turkey? If so then seems unlikely that anyone on a UK forum could help you very much, as financial products, laws and taxes are very different.

Or are you a Turkish citizen, but living in the UK ?

I think explaining the concept of an annuity, which is closest to the original enquiry, is about as much as anyone here can do for a Turkish resident.

enthusiasticsaver

If you are a Turkish resident we  cannot  help you as financial services  will be structured differently and pension laws not the same as here in the UK. 

ga34dery

Thank you for all of your assistance!...