We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cashing in Pension Pot
Comments
-
The risk is needing to spend it, and then having to pay excess tax because of doing it in a hurry. That's going to depend a lot on how much taxable income they already have and how much savings they have.
If their income is £25k, it only takes three years to get it out at 20%. If they have £200k of savings, it's unlikely they'll need it in a hurry. In that case no need to do anything.
If they have £45k income and only £5k of savings, I'd be wanting to get £5k taxable out every year.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards