Has anybody tried cashing in a pension to try and raise some cash to pay off debts?
Not sure what the rules and regulations are now and from I'm reading I may have missed the boat, I'm 51 in January and I thought you could cash a pension in at 50 but that may have changed to 55 now.
Funnily enough I looked at a site this morning and it is aged 55 on there.
The only problem is that you may well be leaving yourself short once you retire and you may need the extra income then. You can only cash in so much anyway.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes I realise there may be problems later on in life but through luck or misfortune lol I've ended up with 4 seperate pension plans and I suddenly had this brainwave about getting some cash from one or two of them as I was sure you could do this at age 50. As I say though looks like they've changed that to 55 now the swines!
The goalposts are constantly changing just when you think you're about to score a goal!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, you don't want to leave yourself short when you actually have the time to do all the things you want to do. If your debts feel difficult to manage contact a debt advisor or ip to sort yourself out before you retire. There is a list on www.iva.com
how the last government had the right to increase private pension minimum retirement age to 55 is beyond me.the rules should be left to the fund trustees who know what they can and cant afford to pay out.
I guess none of the Fu ds can afford to pay out anything...you only ever hear about shortfalls. I'm not sure we wouldn't all be better with a simple savings account!
Yahwob is in a self managed DMP so if he could have freed up some money he could probably pay his creditors off. I wish I could get early retirement but that's not an option at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
