At what age did you take your pension? Regrets or no regrets

[fredtheegg]

Please correct me if wrong. I believe we stopped contributing to the NRA65 in 2018 and it currently increases every year according to the RPI .Also we have no idea how much is in the new pension as it’s not fully started yet

[RobertT]

I’m 51 & by time I’m 55 I’ll have paid 35 years into Pension,can somebody tell me roughy what I’d get lump sum etc,aiming to take max lump sum

You're the only person on here that has access to your statements, so if you don't know, nobody else will.

I don’t understand it Robert

Someone else asked a similar question a few weeks ago:

viewtopic.php?f=27&t=111498

[RobertT]

Please correct me if wrong. I believe we stopped contributing to the NRA65 in 2018 and it currently increases every year according to the RPI .Also we have no idea how much is in the new pension as it’s not fully started yet

Yep, no pension accrued since 2018.

The new pension hasn't started at all.

[Valentina@1]

I’m 51 & by time I’m 55 I’ll have paid 35 years into Pension,can somebody tell me roughy what I’d get lump sum etc,aiming to take max lump sum

You're the only person on here that has access to your statements, so if you don't know, nobody else will.

I don’t understand it Robert

Someone else asked a similar question a few weeks ago:

viewtopic.php?f=27&t=111498

thanks Robert

[ihatedogs]

It would be interesting to know if someone who took their pension early, say a few years back, might now regret having done so due to inflation over the last 18 months or so. Once the decision is made, there's no going back. Hence the reason we hear of so many people in the news returning to work because they have to. There seems to be a hard core of people who think there is a pot of money with their name on it, and that they have to get as much as possible out before they die. The reality is that if you are in the DB schemes then you only need about 6 or 7 years to get all your money back, so whats the panic? A lower pension due to early payment is even less likely to keep up with inflation. If you are in section C, taking your pension early also means a further reduction in pension due to the change from RPI to CPI. Roughly .3 /.4 of a percent less each time, therefore compounding the loss.

Took mine six years ago at 55. No regrets, life circumstances made it a good decision. I've reinvested into the new pension, so effectively recycling my pension payment. Did all the maths, looked at various options to get where I needed to be & taking my pension was the outcome.
I don't look at what could have been, I just accept where I am in life & strive to do my best to make sure I'm comfortable when I retire. I'll be mortgage free before retirement, state pension, RM pension & a second RM pension that I may take in totality rather than a monthly pension. I've looked into annuities, but don't think I'll be going there.
In short, was a good move.

[NorthernBoy]

Some interesting replies on this post, I think they show that there is no right or wrong decision as we all have different circumstances.

Out of interest if I want to take mine at 55, how many months before should I contact the pension centre to ensure I get them in my 55th birthday?

[ihatedogs]

Some interesting replies on this post, I think they show that there is no right or wrong decision as we all have different circumstances.

Out of interest if I want to take mine at 55, how many months before should I contact the pension centre to ensure I get them in my 55th birthday?

I got in touch 4 months prior to my birthday. Gave me an estimate & sent me the forms to fill in confirming I wanted to take it. Sent these back & got a confirmed figure for a certain date. This changes minimally according to the date you actually receive payment. Mine eventually processed approximately three weeks after my 55th birthday.

[NorthernBoy]

Some interesting replies on this post, I think they show that there is no right or wrong decision as we all have different circumstances.

Out of interest if I want to take mine at 55, how many months before should I contact the pension centre to ensure I get them in my 55th birthday?

I got in touch 4 months prior to my birthday. Gave me an estimate & sent me the forms to fill in confirming I wanted to take it. Sent these back & got a confirmed figure for a certain date. This changes minimally according to the date you actually receive payment. Mine eventually processed approximately three weeks after my 55th birthday.

Thanks for info

[abuch1980]

There I many variables to decide if early pension is the best option , the job isn't getting any easier and they aren't taking anyones ages into consideration with these massive rounds now. So in conclusion, it is can you continue in this job past 65 say!.?...

[Subman]

Took mine early and I have absolutely no regrets.

The extra money that I had over the last few years has been a real plus to my life. When I look back on the last few years I have been able to enjoy life so much and had
so many experiences with family and friends that are very special to me.

I did not take the decision lightly, but made the decision after taking into account my personal circumstances and personal finances.

At the age of 53 you are doing the right thing, asking questions, investigating options and leaving yourself time to make your decision.

There is a lot of information online about budgeting for retirement which I found useful but in the end this is your personal decision.

Good Luck.