It doesn’t matter how old you are. One day, maybe soon, you’ll face a choice involving an asset you’ve been locked out of for decades. Then, all of a sudden, you’ve got the keys: 25% of your pension t
Damien, been a while since I caught up with one of your great videos, unfortunately. This is a common theme I often see: in my case, me and my wife met later in life - I’m about to turn 59 and she is 50 - we rented for several years when we first got together, and bought our own home 2 years ago, for the future security it would give. Best course of action for me was to cash-in the tax free one one of my pensions (I have 4, one being DC) to be able to put down a larger deposit, and cover all the fees, extras/options etc. I sometimes wonder if this was the right thing, but the simple fact that for us it probably was, and we got back onto the housing ladder, so don’t regret it. Will it have consequences down the line, perhaps, but you can only be truly certain about the here and now, no-one knows what’s going to happen in the future. For us, we now have our own home, and part of the cost was that 25% tax-free chunk.
My younger self never once wondered about how I’d spend my pension, he only ever worried that he’d have enough to keep him financially safe. Now 63, he’s effectively been retired since 57 and still worried what lay ahead until last year when he finally realised that the small DB pension he had built up in the late 80s to mid 90s was larger and worth more than he had thought, coupled with multiple DC pensions which add up to a decent sum and finally, the state pension which, altogether, will certainly be enough to keep him financially safe (notwithstanding a complete collapse of the economic system) and will, in fact, have him live relatively comfortably. Not rich by any means but fairly/modestly comfortably.
Multiple rooms,outfits, in bed, insomnia, marmalade, jam, graphics, clippings, animation, simple explanations. Amazing effort and polished delivery. You deserve way more subscribers.
Great video again. I retired at 59. I took my full 25% PCLS. I'm using it to live off and enjoy myself for a few years before my wife retires. I've travelled to see my brother in Germany, I've been to Australia to a close friends wedding and to watch the Ashes. And I've quite a few trips planned in the next 12 months. I'm loving my time not working! I'm glad I finished when I did while I'm still healthy enough to do "stuff"
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