dixidan_2000
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I think you should treat yourself, |
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lolly
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Please dont touch your pension cus when you finally get to the retirement age, you aren't going to get anything from the government the way its going.
Shop around for cheap car finance. |
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sparman20
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Enjoy something for yourself now as you have the opportunity. It sounds like you have been hardworking and cautious for most of your life. As the car will make a pleasant extra in your life go for it and enjoy every minuet. |
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angie
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i think you should get your car and enjoy life, as you say its not a huge amount of your pension, so go for it |
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Dogs'r'us
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First of all, you have to be aged over 50 to take the benefits from a pension. If you decide to take it now then you will greatly reduce the benefits when you are older, but you would be able to take 25% as a tax free cash sum and then an annuity for life.
Depending on the size of the fund, you may be able to go into income drawdown which means you could take a lump sum and then only take a minimum pension so it would still build up for your retirement.
You need to speak to an Independent Financial Adviser. |
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Ginny Jin
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If was in your shoes, I would. Think about it this way. Would a small car contribute to your overall quality of life now? If yes, then buy one.Life is for living. Of course, you need to keep going with your pension scheme! I have one myself and realise how important it is. However, you also need to consider your life today. |
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Pat R
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Go for it Sue,live for today,none of us may be here for our pensions,whats the use in being comfortable in old age when you cant enjoy it.
If you have built a pension fund up you must have grafted ,so spoil yourself☺♥ |
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disco657
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Go for the car!! Enjoy life TODAY!!!! |
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DQ
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Go for it...you deserve it! Don't let anyone decide your goals for you. Good Luck! |
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hobo
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Yes you will get both sides of the coin. Keep the pension as is but ultimately only you decide. |
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ThaiGold
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I say get yourself an economical car, and enjoy it for the many years it will last. I personally fell in love with my Toyota Yaris, and am paying out my A#@ for it. But I'm 24 with little to poor credit so thats expected. Even with the payment I've already saved alot just from cutting my gas usage in half and smaller maintenance needs. Something like that will help you out over the next few years, so that you will be able to easily rebuild the pension if you wanted to. DO IT |
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Steve B
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I assume you are over 50 and this is a Company scheme.
1) Don't get involved with some rip-off TV advertising bunch of scam-artists that call themselves 'Consultants' or 'Pension Advisers' - you can obtain all the information you need from your Company Scheme trustees yourself for free.
2) Typically your Company scheme will insist you Retire all at once, i.e. take both the Lump Sum and an 'annuity'.
Since annuity rates are very low when you retire early you may find you get less than half the amount you would get at 65 (even if you take the 'Open Market' option and shop around)
3) If you don't need the Pension now you may want to leave the money invested for later. In this case you MAY have no choice but to Transfer your pension 'pot' into a SIPP before taking any Lump sum.
NB. If you are Retired, you won't get Job Seekers Allowance ...
Approach one of the Trustees and ask for their assistance. If you don't like what they say, consider looking for an independent financial adviser (but be aware that a lot of advice could be 'coloured' by the value of they Commission they get). Another good source of advise is your Bank, especially if you tell them you are considering transferring your Pension 'pot' into a SIPP run by the Bank.. |
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Felix
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Buy the car and enjoy your life while you are still young enough - the world may end tomorrow |
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xhehehexx
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treat your self |
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andrew f
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i say by the car and get whatever money you can out of your pension and use it to enjoy life or generate an income.
an unfortunate accident at work changed my whole perspective on life and my attitude towards money.
work out what you have in your pension and what your living expenses are and how long it will support you...if its going to be a struggle and not last your retirement than take it out and get proactive. you work hard for your money so make it work hard for you. pension fund mangers are getting rich from investing our money, become the primary investor, take a chance, buy the car and start living life....buckle up and enjoy the ride.
good luck |
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nicemanvery
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None of us knows what the future holds , live a little now !! |
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mcilvane
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It will make you miserable in the long run. When the car is gone, you will despair on what kind of retirement you will have. |
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sarah
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ask god on this matter |
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MR MONEY
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It seems like you already know it would be a bad idea to pull your money out now. Don't listen to these people that are encouraging you to mess up your future.
If you want extra luxuries, get a second job. Don't pull from your retirement fund. |
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