I don't know the answer to 'how much should I take and when'? Both my parents died in their mid 50s when I was in my mid teens and I never expected to live to my current age, however:
1. A work colleague had a very well paid job, offered redundancy saw £££££ signs and took it. He quickly spent it on a flash car and expensive holidays. The last I heard he was working as a security night watchman which barely paid his mortgage.
2. Another work colleague was encouraged to take the maximum lump sum at retirement by his family. Now he had loads of money they got hin to 'lend' them some. They never repaid a penny and I suspect they never had any intention of doing so. He now struggled to live day to day and ended up topping himself. I really hope he disinherited the grabbing bar stewards.
3. Neighbour didn't have much of a pension fund, but spent much of it on a new car. Had an outstanding mortgage that he couldn't afford to pay, so downsized to a mobile home park. Found the heating bills ridiculous and died (cold I suspect).
4. Another neighbour spent their pension lump sum on new motorbike and Mercedes. After a while his wife decided folk were laughing at her Perodua and so demanded, guess what, a Mercedes. They now both had what I suspect they wanted all along, Mercedes key fobs they could flash. They had to move to a less desirable area with lower cost housing.
I've a tidy amount, because I don't know how long it's going to be needed. My kids don't need it, as they earn much more than I ever dreamed of. As far as I'm concerned the government can have any surplus when I go.
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