Forums65
Topics76,347
Posts1,033,259
Members14,550
|
Most Online16,551 Feb 2nd, 2024
|
|
8 members (3 invisible),
9,972
guests, and
515
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
|
|
Gaza
by granny - 15th Mar 2024 10:13pm
|
|
|
Xbox
by TudorBlue - 3rd Mar 2024 8:48pm
|
|
Oleo Works
by diggingdeeper - 1st Mar 2024 11:51pm
|
|
|
M |
T |
W |
T |
F |
S |
S |
|
|
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
30
|
31
|
|
|
Joined: Mar 2010
Posts: 4,044
Forum Guardian
|
OP
Forum Guardian
Joined: Mar 2010
Posts: 4,044 |
Took a small pension when i was 50 and been receiving it for last 10 years (about £45 a month .) The pension company has now offered me to cash it in for a lump sum worth about 16 times the annual amount. . Seems a no brainer to me although may have to pay tax. Anyone else had similar and any other things to consider..
|
|
|
|
Joined: Jul 2008
Posts: 14,334 Likes: 18
Wiki Master
|
Wiki Master
Joined: Jul 2008
Posts: 14,334 Likes: 18 |
General rule is to keep it running as a pension except in certain circumstances.
If you have any significant loans or mortgages it would pay to get lump-sum.
Ignoring the lump sum you will receive, does that £45 make a noticeable difference to your standard of living?
Have you got any necessary expenses you have been holding off (car, roof etc). Or will be likely to in the coming years?
Assuming you are going to live at least 16 years it’s not a good deal.
I doubt it will only be a small amount of tax on it.
I might pm you more over the weekend.
We don't do charity in Germany, we pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn https://ddue.uk
|
|
|
|
Joined: Mar 2010
Posts: 4,044
Forum Guardian
|
OP
Forum Guardian
Joined: Mar 2010
Posts: 4,044 |
Thanks DD thats fine You covered much of what i thought. £45 in 10 years time not going to be worth much with prices rising. Currently annual expenditure is exceeding income so been dipping into savings last few years. Getting some new windows put in so could do with extra cash
|
|
|
Click to View Topic.
|
|
|
|
Xbox
by TudorBlue - 3rd Mar 2024 8:48pm
|
|
|
|
Posts: 1,315
Joined: May 2011
|
|
There are no members with birthdays on this day. |
|
Gaza
by diggingdeeper - 29th Oct 2023 9:28am
|
|
Xbox
by TudorBlue - 3rd Mar 2024 8:48pm
|
|
|
|
|
|