Bathtub...For those of us with small private pensions, ‘cashing in’ isn’t necessarily a bad thing. I took the 25% tax free lump sum from mine the day I reached 55. Blew all of it on a third hand 330 convertible, a 15 day rafting trip down the GC and two very long trips around the US and Canada in the two following years.
The remaining balance I’ve been drawing down ever since...just enough so I don’t pay any tax. State pension for me later this year so that will all be spent on air miles, holidays and running the house. Coincides with the remnants of my private pension being drawn down on 6/04/21.
Having seen two elderly relatives paying £750 + a week in nursing homes, sharing with people paying nowt, I’ve no problem spending the dosh now.
But cashing in all of it probably isn’t sensible unless you’re onto a sure fire winner reinvesting it elsewhere.
It’s no fun getting old.
Last edited by: legacylad on Mon 29 Mar 21 at 15:38
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