Taking pension, continue to work.

QrizB

When you get to your 70's and are still fit and well, you might think differently. Plenty of people in their 70's live full and active lives, regular holidays etc.

My parents (one was a clerical worker, the other self-employed working 70-hour weeks) are ~80 and are currently four weeks into a six-week motor caravan trip to Spain.

They occasionally comment that, when planning their retirement, they didn't expect to live this long!

Steviekia

https://forums.moneysavingexpert.com/discussion/comment/81873704#Comment_81873704

Thanks secret, & everyone else for their insight & opinions,all very welcome & appreciated,

I've certainly got a lot to think about, in the next few months.

I should probably involve the Mrs in the conversation 😁

Once again many thanks all for your time.

Stevie.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/comment/81873704#Comment_81873704

Is that just what you think, or can you back that up with guidance / case law that substantiates the view you are expressing?

Without such, I am far more inclined to align with the following more cautious interpretation:

https://forums.moneysavingexpert.com/discussion/comment/81872241#Comment_81872241

LHW99

https://forums.moneysavingexpert.com/discussion/comment/81873828#Comment_81873828

Definately "involve the Mrs."

If you expect to enjoy retirement together, then you should be thinking of what you have between you - and what the survivor has when one of you (you don't know which) passes first.

I can't remember if you've said whether the Mrs. is still working, if she is, you could give her some of your pension to pay into her own (assuming she isn't already investing all of her salary in at the moment).

If she's not working, she can still put in £2880 pa and get it made up to £3600 by HMRC.

Make sure you have both checked your state pension entitlement - if she is a few years short, paying voluntary contributions usually pays for itself in a very few years.

af1963

https://forums.moneysavingexpert.com/discussion/comment/81873954#Comment_81873954

12 x £800 = £9600K which is less than 30% of the tax free lump sum of £60K. See the flowchart here.

https://adviser.royallondon.com/technical-central/pensions/contributions-and-tax-relief/recycling-of-tax-free-cash/

Even doing it over multiple years, there's 18K available to make contributions before hitting that recycling trigger amount, and Steviekia only needs to contribute a couple of thousand a year to get down below the Scottish higher rate tax allowance limit of £43662. Worth thinking about at least putting in enough to get below higher rate tax.