Releasing pensions early

[Don'tcallthepolice]

I wonder how many middle aged people are dipping into their pension pots to survive these times.

I am 57 and had an idea that I would use some of this for treats and travel at this time.

Instead I am releasing just to maintain our life as standard ensuring we can have nice food, annual holiday, keep my DD hobbies going.

Absolutely crazy to be taking money out of a pension for a holiday and ballet lessons. You can definitely live without them.

But I do wonder if others are also dipping in and releasing money a bit earlier than they planned.

well yes of course. but not to pay for ballet lessons and nice food. Most will be perhaps going private for a health issue or retiring early or helping out university students or adult children with deposits. Most won’t have 13 year olds

Uni fees are miraculously put away in a Trust Fund

I don’t know anyone doing this. It sounds like a big mistake to me. Surely you’ll need that money to live off when older. I wouldn’t be using it for holidays & ballet lessons.

“miraculously” indeed

Any reason why not mentioned this miracle upthread when asked about uni fees?!

No savings. I suspect we will sell the family home once she goes to Uni.

and

We could afford a flat or cottage tbh leaving us with a couple of hundred k to use for pension top up, supplementing dd at university.

did I miss the bit where the op is going to university at 60/61?

I took mine at 55 - now 60 . As did dh - joint monthy is 1750 plus 430 ( i was pt ) - perhaps we should have waited .. we both work pt in less stressful jobs too .
i spent my lump sum - £15 on a camper van ( old)
my dad had his first stroke age 63 - this influenced my decision.

DD will be going to Uni.

What will happen after you give up work? Is the plan just not retire? Or will your living standards just crash then?

I cashed two private pensions in during the pandemic but they were not for treats. Home improvements debt clearance and subsisting until my business picked up.

It's not really dipping into your pension to "survive" though if you're spending the money on "nice food, annual holiday, keep my DD hobbies going".

It's your money, so it's up to you when and how you spend it, but I think you also could be more honest with yourself about the fact that all of these things ARE luxuries, even though they aren't a retirement cruise around the world etc.

OP if you have Fibbed about the miraculous trust fund covering your daughter’s uni fees that you neglected to mention in any of your previous posts about your dd, then i think you need to ask yourself… why did i feel the need to fib? is that because i know that i’m am shoring up some serious problems when / if DD goes to uni

calling me aggressive on another thread Op for asking some questions on this thread?! 🤔

i’d be very worried in your shoes personally

and no… i don’t think that many are releasing their pensions early to pay for nice food and ballet lessons.

if you can’t afford nice food and ballet lessons without using your retirement fund, then you can’t afford nice food and ballet lessons full stop.

Are you theeyeshaveit82?

who’s that?

not read the full thread

doing now though!

no i’m not that poster

but seems to be in tune with every other poster 😐