55 before 2028

[roadrunner bill]

Hi, I'll be 55 before 2028, can you take your pension at 55 years old ?

I've heard the earliest time to take your pension is rising to 57.. from 55.. in 2028..

Thanks.

[milly]

Hi, I'll be 55 before 2028, can you take your pension at 55 years old ?

I've heard the earliest time to take your pension is rising to 57.. from 55.. in 2028..

Thanks.

Depends when you were born, I'm sure April 1973 is the cut off point.

[roadrunner bill]

I was born 1972

[milly]

I was born 1972

You're good to go!

[roadrunner bill]

[comeracing]

I'm 55 in 2027 , can't wait

[Sean06]

I'm 55 in 2027 , can't wait

An lose 25%

[milly]

I'm 55 in 2027 , can't wait

An lose 25%

You lose nothing taking it at 55 as you haven't paid the 5 years contributions from 55 to 60.
Obviously they work out the pension as if you would draw it at 60 so there is a 25% reduction on that basis.

[grchpo]

I'm 55 in 2027 , can't wait

An lose 25%

You lose nothing taking it at 55 as you haven't paid the 5 years contributions from 55 to 60.
Obviously they work out the pension as if you would draw it a 60 so there is a 25% reduction on that basis.

And 50% if you take NRA65 at same time

[milly]

I'm 55 in 2027 , can't wait

An lose 25%

You lose nothing taking it at 55 as you haven't paid the 5 years contributions from 55 to 60.
Obviously they work out the pension as if you would draw it a 60 so there is a 25% reduction on that basis.

And 50% if you take NRA65 at same time

Again, you lose nothing as you haven't paid in that money.

[grchpo]

I'm 55 in 2027 , can't wait

An lose 25%

You lose nothing taking it at 55 as you haven't paid the 5 years contributions from 55 to 60.
Obviously they work out the pension as if you would draw it a 60 so there is a 25% reduction on that basis.

And 50% if you take NRA65 at same time

Again, you lose nothing as you haven't paid in that money.

You lose 50% of the money you have already paid in

[milly]

I'm 55 in 2027 , can't wait

An lose 25%

You lose nothing taking it at 55 as you haven't paid the 5 years contributions from 55 to 60.
Obviously they work out the pension as if you would draw it a 60 so there is a 25% reduction on that basis.

And 50% if you take NRA65 at same time

Again, you lose nothing as you haven't paid in that money.

You lose 50% of the money you have already paid in

You don't lose anything!
If you take NRA65 at 55 it means you are 10 years short in contributions so your Pension is adjusted accordingly.

[koolishy67]

You lose 50%

[milly]

You lose 50%

Like I have explained earlier you can't lose money that you haven't contributed.

[robking]

You don't actually lose anything if you take a pension early.

Let's suppose you take your NRA60 pension from your 55th birthday, yes it's reduced by 25% from what it would have been if you had waited until you are 60, but the pension is paid for life and by taking it early you will be receiving it for more of your life.

So lets suppose you die aged exactly 90, you would have had 35 years of pension at a reduced rate whereas if you left it 'til you were 60 you will have received a higher pension but you would have received it for 30 years instead of 35.