Private Pension Just £30,000

m07775_2

Started with good intentions started a pension in my late 20s, but unemployment, having to look after relatives, my own illness  and a business that started off well but failed means I only contributed for a short while and the pot is only £30,000, I am now 60!

I work part time ad have earned about £8,000 this year, claiming UC from time to time.

What do I do, leave where it is, take the money and reinvest, do house improvements, buy a boat or what?

Part of me want to start a business, doing up old houses, owner driver with a truck, mail order are some of the things i am contemplating too. 

tacpot12

Are you renting or do you own a property? If you own, how much mortgage (if any) is outstanding on the property and what is its value? 

My advice would be to get a job if you can, and pay as much as you can afford to into your pension so that you can get the benefit of the tax relief and employer contributions.

You also need to check your state pension entitlement, especially for periods when you were claiming UC or other benefits such as Carers Allowance.

Don't start a business or go self-employed as a delivery driver. You don't have the capital to start a business or buy a vehicle to deliver parcels if you don't already have one. The margins on delivery work are pretty small, and one unexpected brakedown could make the difference between making a small profit and making a big loss. With your minimal retirement provision, you need to be looking for work that will boost your pension the most and running a business or being self-employed is not optimal for this.

Don't buy a boat. You can't afford the upkeep. 

If you can run a business or deliver packages, you can work in a business. 

The only home improvements to do are ones that you can afford to pay for out of your wages and that are absolutely necessary, e.g. because you have a disability. If you are managing without the improvements now, continuing to do so would be the best option financially.  

Emmia

Is your NI record complete for the state pension? 

I wouldn't take the private pension money out to reinvest, I'd leave it where it is and keep working. (Can you go full time?)

I definitely wouldn't take it out to make "house improvements" or to "buy a boat". Do you have any other assets you could use to help fund your retirement? e.g. by selling your home, and moving to a smaller property, and/or cheaper area?

xylophone

State Pension Forecast

https://www.gov.uk/check-state-pension

What exactly does it say?

I work part time ad have earned about £8,000 this year, claiming UC from time to time.

Does your employer offer a workplace pension?

Are you able to work full time?

m07775_2

Thanks for all replies, own my own house. 

Pensions, I need 5 more years, I can get 4 for £80, so plan to do that, on the to do list.

Yes I am able to work full time now, although getting a job is not so easy even though I have a HGV and an IT degree, keep being told i should be walking into a job, but haven't.

I wasn't thinking of getting a van (although I used to have a courier company)  but a HGV or doing up a house or two

mebu60

Don't get a boat. It's an acronym for Break Out Another Thousand every time something needs sorting.

Emmia

m07775_2 said:

Thanks for all replies, own my own house. 

Pensions, I need 5 more years, I can get 4 for £80, so plan to do that, on the to do list.

Yes I am able to work full time now, although getting a job is not so easy even though I have a HGV and an IT degree, keep being told i should be walking into a job, but haven't.

I wasn't thinking of getting a van (although I used to have a courier company)  but a HGV or doing up a house or two

Getting an HGV and driving it commercially, is more expensive and involved than just buying a vehicle and using it - you're aware of the requirements around maintenance, operator licensing, etc., hopefully?? and the health check requirements for you as a driver of that vehicle...

https://www.gov.uk/being-a-goods-vehicle-operator