Esrly retirement

Im currently 49 and hoping to take early retirement at 55. Downsizing our house and was planning to put the money left in a fixed-term saving bond. Is this my best option, or do i reinvest into my pension with NILGOSC. Any other options are greatly appreciated. 

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  • Marcon
    Marcon Posts: 10,637 Forumite
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    Cunn74 said:
    Im currently 49 and hoping to take early retirement at 55. Downsizing our house and was planning to put the money left in a fixed-term saving bond. Is this my best option, or do i reinvest into my pension with NILGOSC. Any other options are greatly appreciated. 
    You won't be able to access your pension until you are 57 - the minimum age rises from 55 to 57 in 2028.

    Contributions to your pension scheme are limited by how much you earn, so investing money from downsizing may not be quite as straightforward as you'd hoped (although there's always the possibility of carry forward - but again, you'll be limited by the amount you earn in the year you make any 'super contribution').
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Silvertabby
    Silvertabby Posts: 9,016 Forumite
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    NILGOSC is Northern Ireland LGPS.

    You can buy Added Pension (APCs) either by paying instalments via salary, or by means of a one-off lump sum.

    APCs are good value if you don't take your pension before NRA/SPA, perhaps not so much if you intend to take them at 57 as they, like your main scheme benefits, would be heavily reduced for early payment.


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