The Retirement Thread
2 lurkers |
172 watchers
May 2022
9:01pm, 20 May 2022
61,911 posts
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Lip Gloss
Yeah Greg, 5% reduction on pension and 3% reduction on lump sum. Flatlander I will have a look |
May 2022
9:03pm, 20 May 2022
135,581 posts
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GregP
If I take the reduced pension from when I’m 60 rather than the whole shebang at 67, I’m ahead of the curve until my early eighties. Sue’s financial advisor suggests I should just defer it if I can, but I’m back in the ‘richer later’ trap which I’m trying to avoid. |
May 2022
9:15pm, 20 May 2022
2,466 posts
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Flatlander
LipGloss that link I gave may not be directly useful but it has various links which will be.
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May 2022
9:19pm, 20 May 2022
61,912 posts
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Lip Gloss
I know my FA will try and persuade me not to go as he managed last year but if there is a slightest chance I can live on the drawdown I m taking it.
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May 2022
9:51pm, 20 May 2022
25,444 posts
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TROSaracen
Greppers I think there is sometimes a divergence between financial advice and life advice (with due reference to but not driven by financial considerations). Or alternatively tell Sue’s financial adviser to come on here for a straightener…..😉 |
May 2022
9:57pm, 20 May 2022
22,686 posts
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Bazoaxe
Greg, I am calculating that if I took reduced pension at 55 instead of 60, I would be closing in on a telegram from the king before I was losing out. It does make me wonder if the numbers are right. |
May 2022
10:06pm, 20 May 2022
55,440 posts
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alpenrose
Greppers, if you defer and then (God forbid) croak it, who's the richer than? That's the whole point of this thread I think.
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May 2022
10:16pm, 20 May 2022
135,583 posts
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GregP
Thanks gang. Really appreciated.
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May 2022
10:24pm, 20 May 2022
61,921 posts
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Lip Gloss
Greppers, if you defer and then (God forbid) croak it, who's the richer than? That's the whole point of this thread I think. That’s beginning to be my thoughts too AR. |
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May 2022
10:40pm, 20 May 2022
25,447 posts
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TROSaracen
The first time I ran the ‘if I take my pension at 55 vs 60’ calculation I was gobsmacked how long it was before break even. I think I reinput the numbers in case of error! I assumed you’d be slaughtered financially by taking it early. It wasn’t far off the average death age for my gender so really they were offering not far off the same expected overall payout. It made what I expected to be a very tough decision an absolute slam dunk. |
CumbriAndy Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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