Start pension at 55

Albermarle

LHW99 said:

Sam_666 said:

Well, if you stay unemployed, that 100K will burn out in next 10y(or less), as you wount get any state benefits.
If you dont own property or live rent-free, money will run out even quicker.
So, you wont be able to use this 100K for retirement.

As others have pointed, chase top paying saving accounts, to make money last.

If you are under state pension age, surely any pension fund doesn't affect benefits, although money outside a pension will?

I believe that is correct.

Lifematters

LHW99 said:

Sam_666 said:

Well, if you stay unemployed, that 100K will burn out in next 10y(or less), as you wount get any state benefits.
If you dont own property or live rent-free, money will run out even quicker.
So, you wont be able to use this 100K for retirement.

As others have pointed, chase top paying saving accounts, to make money last.

If you are under state pension age, surely any pension fund doesn't affect benefits, although money outside a pension will?

OP won’t be able to put 100k in a pension fund though. If not working would only be able to £2880 a year at most. 

LHW99

Lifematters said:

LHW99 said:

Sam_666 said:

Well, if you stay unemployed, that 100K will burn out in next 10y(or less), as you wount get any state benefits.
If you dont own property or live rent-free, money will run out even quicker.
So, you wont be able to use this 100K for retirement.

As others have pointed, chase top paying saving accounts, to make money last.

If you are under state pension age, surely any pension fund doesn't affect benefits, although money outside a pension will?

OP won’t be able to put 100k in a pension fund though. If not working would only be able to £2880 a year at most. 

Agreed, but saying that the £100k can't be used for retirement isn't entirely correct. If some is added to a pension, as well as using money to live on, then at least a proportion would be preserved even if the OP needs to claim benefits again in a few years.