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Starting pension at 55
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Ooops. Sorry. I knew I would do it wrong. Thanks for your reply. Hopefully, i will get better at this.
thanks again.0 -
shallishanti wrote: »Someone in work has said that I should freeze my pension now, as what little I will receive as a pension, will hinder me fro getting any help from the Government. So really I am struggling now, just to penalise myself when I retire.
It depends on how much state pension you will get. Get a forecast here:
www.thepensionservice.gov.uk
If it is well above the pension credit/benefit level (quite possible), then it is worth saving more up to an annual income of 10k, all of which would be tax free
Note BTW that if you only have one pension (other than state) and it is below 16.5k, when you are aged 60 you can take this as a cash lump sum under trivial commutation rules. The 16.5k goes up with inflation.Trying to keep it simple...
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