Cashing in dB and DC pensions at 55

Marcon

DRS1 said:

Not sure why the OP creates a new thread for every post but the answer to @QrizB's question is aerospace.  BAE?

OP there is a debt board if you have debt issues.  Taking a pension as a lump sum to pay off debt is probably NOT a good idea.  Though that may depend on who is collecting the debt.

Probably because they aren't used to using this sort of forum - not everyone is an avid user. 

OP, I've 'reported' your threads (only to ask for them to be merged - nothing bad!).

Marcon

douglw said:

My total in both pensions is around 170,000 , I am no longer working and unsure if I am making the right decision. Thank you 

Depends what issue you're trying to resolve - and you haven't given any information which would enable anyone to comment helpfully. What are the alternatives to trying to access your pension money now? What happens if you don't access a large amount of cash?

Brie

To be blunt - if you're not working and have debts then maybe this is not the time to do alterations to your home.  Unless they are essential for you to continue living there due to having disabilities or having to care for a family member with disabilities.  If they are essential for those reasons then there may be better ways to access the cash for that - grants via unions, employer associations, disability groups or even your local authority.

As for dealing with the debts I suggest you pop over to the debtfree wannabe board and ask for assistance specific to the debts alone.  First response is likely to be for you to fill out a statement of accounts (SOA, see below) and post it so that people get a better idea of your financial situation.