My pension pot was all converted to investments when I turned 55 so I can do what I like with it. I would of course have to pay tax if I remove it so it probably won't happen!
If its giving a return (a pension) its not an easy choice. Some Investments aren't doing well at the moment, some of ours I don't look at
but they be longer term
.
But we do basically live on our rentals, so it's a tossup as to what's best.
As for the Tax. Which to me is the most annoying bit when it's your money that you earned and saved, which had tax paid on it at the time
, you now get penalized for looking after yourself
. to me that's called "double dipping".
I would have a quick word with a finance bod as there maybe some offsets and even if you paid tax 1 year you may get it some back next year as a loss
.
We have just done our wills and not to get into too much detail, on our fatal days the properties go into a trust fund (can be setup at anytime) yes tax is paid at this point but if the beneficiaries keep it in the same then their tax situation can be minimized and it can also be kept out of any future family disputes, I.E divorce.
So dont kick the idea into touch in 1 thought
. But in the same respect don't leave yourself short of the rainy day fund
.
You never know when that P38 will come available again
.
Thats was long winded and far to technical this time of the day, I am off for some Pea n am
.
J
