With regard to the pension, is she actially taking retirement or just eligable to take the 25% tax free?
Just wondering as i know the pension pots have taken a real hit and so may be better holding off until they recover their value.
Id suggest taking advice,
It’s rented but not registered for business rates.. I have no idea what that entailsIs the second property used as a rental and is it registered for business rates..
She retired a few years ago because of her Lymphoma diagnosis but the NHS refused to pay the pension before she was 55 because they deemed her to be fit for workWith regard to the pension, is she actially taking retirement or just eligable to take the 25% tax free?
Just wondering as i know the pension pots have taken a real hit and so may be better holding off until they recover their value.
Id suggest taking advice,
I believe you are correct.. my RAF pension is the same thank goodnessIt’s an occupational defined benefit pension and therefore not affected by market movement.
We’re both retired now.. I finished at the end of March at 56 because we need to live a little while Sue is well... so we’ll be off on a UK tour in the motorhome once this lockdown is overThis would apply to AVCs so a fair point - the majority don't bother with AVCs though.
If retiring at 55 it is around a 42% decrease on the current pot, so better to defer the actual pension for a few years and live off AVCs if you can setting up a SIP to avoid tax.
SWMBO is 55 tomorrow and gets her NHS pension and lump sum so we are in a position to pay off the remaining mortgage on a second property we own.
I’m not sure if there is still a precedent for leaving a nominal value owing on the mortgage e.g. £10 to prevent early repayment charges or deed storage charges these days..
Does anybody have advice on this please?
This is my thoughts, why pay off a mortgage on a 2nd property, what's the benifit?Buy a third property instead!
I’d hope I’m correct or I’d run out of work pretty sharpish mate.I believe you are correct.. my RAF pension is the same thank goodness
A higher net income I’d imagine if it’s rented out.This is my thoughts, why pay off a mortgage on a 2nd property, what's the benifit?
I get that, I just couldn't have a good chunk of change tied up in a rental propertyA higher net income I’d imagine if it’s rented out.