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TessA
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02-06-2019, 10:40 AM
11

Re: Pension at 55

I wonder if some debts can get reduced or written off, get some advice on that and any PPI you might have paid on loans etc, that may reduce them.
I'm lucky I don't owe anyone anything but wasbands did, one of the reasons for splitting up.
I don't have money either
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Donkeyman
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Melton,United Kingdom
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02-06-2019, 11:13 AM
12

Re: Pension at 55

Originally Posted by Morticia ->
I was thinking the same thing Tess.

Go for it Floydy.
If you can balance quality and enjoyment of Life , obtain financial security and pay off your debts now why slog along like a fence post getting slowly hammered into the ground just to have more dosh a decade or two later ..when you could get hit by a car crossing the road in 5 years time.

A home owned outright, in good nick, with a reserve emergency fund sounds a perfect strategy to me. Be nice too if over the next decade you can enjoy life more and manage to salt a way a little more money for retirement.

Good luck to you
Remember .... there are no pockets in shrouds.
Your user name sounds appropiate Morticia

Regards Donkeyman!
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caricature
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Devon,England.
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02-06-2019, 11:35 AM
13

Re: Pension at 55

I would advise to get in touch with independent advisers,its what you do with the rest of the pot after taking the 25%. I done the same a few yrs back when I was diagnosed with Prostate cancer.The rules were slightly different then in so much as the rest had to be reinvested,mine made back up what I had taken out in 4 yrs.Also I rejoined the company pension and started again.I was 56 at the time(62 now).Never regretted it for one moment.
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Morticia
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02-06-2019, 11:41 AM
14

Re: Pension at 55

Originally Posted by Donkeyman ->
Your user name sounds appropiate Morticia

Regards Donkeyman!
Thank you Donkeyman ... but when I joined I forgot to add the N at the end.
And my real name (as stated on my profile page) ...is Rigor Morti. Hee...hee.
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Donkeyman
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02-06-2019, 12:55 PM
15

Re: Pension at 55

Originally Posted by Morticia ->
Thank you Donkeyman ... but when I joined I forgot to add the N at the end.
And my real name (as stated on my profile page) ...is Rigor Morti. Hee...hee.
I like it ! Can l call you Morti!

Regards Donkeyman!
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Morticia
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02-06-2019, 01:21 PM
16

Re: Pension at 55

You most certainly can .... Morticia(n) is such an inconvenient mouthful or should I say, fingerful, to type..
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fender
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02-06-2019, 01:28 PM
17

Re: Pension at 55

Originally Posted by Morticia ->
I was thinking the same thing Tess.

Go for it Floydy.
If you can balance quality and enjoyment of Life , obtain financial security and pay off your debts now why slog along like a fence post getting slowly hammered into the ground just to have more dosh a decade or two later ..when you could get hit by a car crossing the road in 5 years time.

A home owned outright, in good nick, with a reserve emergency fund sounds a perfect strategy to me. Be nice too if over the next decade you can enjoy life more and manage to salt a way a little more money for retirement.

Good luck to you
Remember .... there are no pockets in shrouds.
MY thoughts as well.
I had a pension, but when I worked out how much it was worth as a monthly income payment, it wasn't worth keeping it imo.
So I cashed it in and not looked back.
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Judd
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02-06-2019, 02:29 PM
18

Re: Pension at 55

Originally Posted by Morticia ->
I was thinking the same thing Tess.

Go for it Floydy.
If you can balance quality and enjoyment of Life , obtain financial security and pay off your debts now why slog along like a fence post getting slowly hammered into the ground just to have more dosh a decade or two later ..when you could get hit by a car crossing the road in 5 years time.

A home owned outright, in good nick, with a reserve emergency fund sounds a perfect strategy to me. Be nice too if over the next decade you can enjoy life more and manage to salt a way a little more money for retirement.

Good luck to you
Remember .... there are no pockets in shrouds.
My sentiments entirely. It would piss me off greatly if, after I've paid into a pension, I wasn't around to enjoy it. A few friends of mine of my age or younger have dropped down dead and I've another one aged 62 who is currently fighting cancer. His prospects aren't looking good at the minute.

You don't have to draw out the full 25% so maybe a small sum to get things sorted out for you?
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Muddy
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02-06-2019, 02:41 PM
19

Re: Pension at 55

Originally Posted by Floydy ->
In a few months time I will hit the grand old age of 55, an age which has become some kind of milestone these days since it is a point whereby those who still work can now 'dip into' their pension before their official retirement date some years later.

I have numerous long-standing debts, mostly from stupid and ill-advised credit card spending many years ago which accumulated to a rather horrific stage. Most of this is paid back but the reason I still have to work nights (now almost 14 years!) is because I've had to pay back almost £600 per month from my wages, a massive proportion of my monthly earnings. I have learned my lesson the hard way by having to be very careful over the past twenty years and even shelving such normal activities
such as restaurant meals and expensive holidays.
These ae not normal activities for many .
Take a cheap holiday and pay off your debts first .
I wouldn't worry about getting a new kitchen either .
These are not necessities and can be done at a later date .

I would keep the pension it can only get better and is a good investment .

One of my main priorities apart from paying off the debt is to get myself off night shifts which are now starting to kill me off slowly, mentally and physically.
This is important .
If you can get another job at a similarl salary or the same as a day job do it .
This work is killing you try and do something else .
You only have one life .
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Artangel
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02-06-2019, 02:56 PM
20

Re: Pension at 55

I think you need less money when youíre old.
You donít eat as much, you get a free bus pass, free prescriptions, why even buy so many clothes. Usually, if you own your own home, your mortgage is paid off.
I canít understand why you need so much money when youíre old? You need it more when youíre young!
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