taking ALL pensions at 55

[SWIM]

has anyone taken all pensions at 55? lump sums...
age 60 + 65 RMPP + RMSPS

thoughts/regrets ?

[Wullie10]

May I ask a question? Do you want to leave RM or continue working for them , if you intend to take your pension early ?
They'll be many different circumstances of posties taking pensions early and for some it will probably have been a good idea and some not so.
But I can't get my head around why anyone would want to take a pension early and continue working for the company for possibly another 12 years. Maybe someone is desperate to clear debts, or just fancy a new car which in 12 years time will be virtually worthless.
I like to hear the arguments for and against. But believe me those years from 55 to 65 fly by , and once you stop earning id like the highest possible pension I can get.

[heapsy]

May I ask a question? Do you want to leave RM or continue working for them , if you intend to take your pension early ?
They'll be many different circumstances of posties taking pensions early and for some it will probably have been a good idea and some not so.
But I can't get my head around why anyone would want to take a pension early and continue working for the company for possibly another 12 years. Maybe someone is desperate to clear debts, or just fancy a new car which in 12 years time will be virtually worthless.
I like to hear the arguments for and against. But believe me those years from 55 to 65 fly by , and once you stop earning id like the highest possible pension I can get.

Some people are fixated by the change in the minimum age age you can take it. They also don't realise, smaller pension = smaller pension increases. Some also seem to be confused by the valuation figure of the DB schemes, thinking it is all their money.

[Wullie10]

Something else to think about. Leaving your spouse your pension if you die. I believe they get 50% roughly. 50% of a pension taken early wont be a huge amount. To me personally that's important.

[pieoftheday]

has anyone taken all pensions at 55? lump sums...
age 60 + 65 RMPP + RMSPS

thoughts/regrets ?

I took all mine at 55yrs, very happy

[chlobo]

Took mine at 55 but didnt work there anymore and had 34 years service and very happy.

[roadrunner bill]

Took mine at 55 but didnt work there anymore and had 34 years service and very happy.

You took your pension.. and left.. so what are you doing g now for work please ?

[NorthernBoy]

Took every single pension at age 55, no regrets. Was planning to wait until 60 but changed my mind.

Of course you take a big reduction, but you’re getting it 5 years early. I think it worked out that it would take round 12 years at normal pension age until I was worse off

You need to ask what’s the reasons for taking them early and whether that fits your retirement plan.

With the state pension moving up very nicely these days, many people will have more than enough income at 67 when added to others sources. Remember 55-65 should be healthy years where you have energy to enjoy life.

Currently live very well off 2k a month.

[pieoftheday]

Took every single pension at age 55, no regrets. Was planning to wait until 60 but changed my mind.

Of course you take a big reduction, but you’re getting it 5 years early. I think it worked out that it would take round 12 years at normal pension age until I was worse off

You need to ask what’s the reasons for taking them early and whether that fits your retirement plan.

With the state pension moving up very nicely these days, many people will have more than enough income at 67 when added to others sources. Remember 55-65 should be healthy years where you have energy to enjoy life.

Currently live very well off 2k a month.

2k a monthly pension? Or are you including using your lump sum in that 2k?

[NWpostie]

Personally I'm waiting until NRA60 to claim the first part of my pension with the max AVC lump sum to preserve as much of the original pot as possible,at the same time I'm saving up as much as I can, I also have some stocks and shares ISA in place.

For tax reasons, I plan to take my NRA65 and NRA67 when due, I have no debts whatsoever so I can afford to let accrue between now and then, if you take them all at once you will get taxed heavily for that tax year.

[ted_e_bear]

Took every single pension at age 55, no regrets. Was planning to wait until 60 but changed my mind.

Of course you take a big reduction, but you’re getting it 5 years early. I think it worked out that it would take round 12 years at normal pension age until I was worse off

You need to ask what’s the reasons for taking them early and whether that fits your retirement plan.

With the state pension moving up very nicely these days, many people will have more than enough income at 67 when added to others sources. Remember 55-65 should be healthy years where you have energy to enjoy life.

Currently live very well off 2k a month.

2k a month, that's excellent in fact it's actually slightly more than my 37hrs legacy contract take home pay for a flat week

[pieoftheday]

Took every single pension at age 55, no regrets. Was planning to wait until 60 but changed my mind.

Of course you take a big reduction, but you’re getting it 5 years early. I think it worked out that it would take round 12 years at normal pension age until I was worse off

You need to ask what’s the reasons for taking them early and whether that fits your retirement plan.

With the state pension moving up very nicely these days, many people will have more than enough income at 67 when added to others sources. Remember 55-65 should be healthy years where you have energy to enjoy life.

Currently live very well off 2k a month.

2k a month, that's excellent in fact it's actually slightly more than my 37hrs legacy contract take home pay for a flat week

I'm section B, 39 years, tax isn't quite sorted yet, £800 a month. I did take a bigger lump sum as it worked out better, but 2k seems a lot?

[Hitcher]

I assume that's including state pension.

[RobertT]

If memory serves me correctly, NorthernBoy turned 55 fairly recently but also has a part time job and adding those wages to his pension has enabled him to retire.

[Wullie10]

If memory serves me correctly, NorthernBoy turned 55 fairly recently but also has a part time job and adding those wages to his pension has enabled him to retire.

Good memory. No postie will be on a 2k a month pension taken at 55. Unless eating in to the lump sum