06 Jan 2019, 19:24
06 Jan 2019, 21:38
07 Jan 2019, 06:13
07 Jan 2019, 07:36
07 Jan 2019, 07:55
07 Jan 2019, 19:04
RobertT wrote:Generally, taking your pension early along with the associated reductions and still continuing to work is regarded as a bad move.
This video will give you more info:
08 Jan 2019, 11:57
08 Jan 2019, 13:35
08 Jan 2019, 14:01
TheTrolleyMan wrote:Totally disagree , I took my pension at 56 and still work full time , yes I pay some more tax but the money goes into my bank getting 3% interest and I now have control of it . Also I'm not paying into the pension scheme anymore so it's more money in my pocket , it's now me that makes the decisions and not the company chipping away at it
08 Jan 2019, 14:03
yorkmover123 wrote:Will I lose 5% cent per year if i take my pension at 55 one of my collegues said its changed to only 1% cent is this right
08 Jan 2019, 14:42
08 Jan 2019, 17:44
RobertT wrote:TheTrolleyMan wrote:Totally disagree , I took my pension at 56 and still work full time , yes I pay some more tax but the money goes into my bank getting 3% interest and I now have control of it . Also I'm not paying into the pension scheme anymore so it's more money in my pocket , it's now me that makes the decisions and not the company chipping away at it
By taking it at 56 you've taken a 20% hit on your NRA60 plus as you're still working, another 20% of what's left goes in income tax. Making a total of 36% of the original unreduced amount.
If you've also taken your NRA65, then that would be a total 56% reduction.
The 3% your getting in interest is only just about keeping up with inflation(RPI), so your money is effectively not going up at all!
It's obviously up to you based on your own circumstances, as garnery suggests.
But the whole point of a pension is to fund your old age when you're not working anymore. Any decision to take it early is potentially forcing you to work longer, and be less well off at a time in your life when you'll have less chance of doing anything about it.
Personally I plan to retire completely at 55, but have no intention of touching any of my RM pension before the NRA's of 60 & 65!
08 Jan 2019, 18:37
Postmangit wrote:Anyone took their 60 pension at 55?
Just wondered as I have 30 years in?
08 Jan 2019, 18:57
daveyeff wrote:he is also getting it for 4 yrs longer which makes his 20% ''hit'' invalid,
and is also getting an extra £15 pound a week in his pay for the pension he is not now paying, which covers his extra tax on the pension. wiping out his losses.
he WILL eventually be a little worse off when he reaches his mid 70s, but not THAT much....
then again his 3% interest over the years will probably cover those future losses making his overall loss marginal.
09 Jan 2019, 05:43
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