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What to do when I retire next year
Yve2025
Posts: 1 Newbie
Hi Advice please,
I have a old NHS pension which I had taken out 25% 5 years ago and receive a monthly pension of £145. I have a works pension and I add AVC of £100 per month too.
I retire at 66yrs. I do not have a large pension, I have no mortgage and no debts however, I would like to move when I retire.
I am not sure what to do as I have been told not to take my pension in a lump sum for tax purposes, if I want to buy another property, I will require finances to move.
What advice can anyone give to me
Thank you
Yve
I have a old NHS pension which I had taken out 25% 5 years ago and receive a monthly pension of £145. I have a works pension and I add AVC of £100 per month too.
I retire at 66yrs. I do not have a large pension, I have no mortgage and no debts however, I would like to move when I retire.
I am not sure what to do as I have been told not to take my pension in a lump sum for tax purposes, if I want to buy another property, I will require finances to move.
What advice can anyone give to me
Thank you
Yve
0
Comments
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Firstly presumably you will be getting the state pension?
If you cash in your works pension, can you live off the state pension + £145 a month ?
The tax situation on taking all your works pension as a lump sum depends on how big it is, so you need to tell us that .0
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