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Sheffield

Well-Known Member

• Feb 19, 2021

• #41

Allowing people to turn their pension pot into spendable cash is one of the worst things a government has done. The state pension is not enough to live on comfortably. You will need your cash when you can not work and earn anymore.

 

Nodge68

Well-Known Member

• Feb 19, 2021

• #42

Sheffield said:

Allowing people to turn their pension pot into spendable cash is one of the worst things a government has done. The state pension is not enough to live on comfortably. You will need your cash when you can not work and earn anymore.

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Absolutely, and owning your own home isn't a guarantee of low housing costs for the future. A house can present the owner with enormous unexpected bills, like if the boiler fails, or it needs re-roofing, and having £30k tied up a deprecating asset won't help when cash is needed.

 

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Colthebrummie

Well-Known Member

• Feb 20, 2021

• #43

When I retired early, the company pension department explained my options. One of them was to take a lump sum. When I did the sums, I would have live to 90 to be better off not taking it. There are tax considerations to take into account over the long term.

Col