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I'm at that age where I could take out half the value of my pensions to invest in.. Well I don't really know what.
I have several small value pensions and a couple of OK ones. I'm half considering cashing them in and possibly release some equity from the house to buy a property in France to rent out as a holiday let somewhere, undecided where yet. But if I choose wisely the holiday season can be quite prolonged.
Doing this is with the intention of eventually retiring in France, but not necessarily living where I buy. Luckily Mrs asbrooks is a French national so hopefully I can get in by default as long as the rules don't change.
There is no way I can retire early i.e. now! So therefore I'd have to see out my working life in the UK as my French is not good enough to get a similar job that I have now. But I can see a nice income from the let if I choose wisely. This is based on the Mrs' aunt & uncle who have a gite that's fully booked for 8 months of the years.
Is it a reasonable idea or just a pipe dream?
55 plus ? Remember anymore than 25% will get taxed. I'm just over a year away and am looking at three of my smaller pensions come then and get various quotes of taking some, taking the pension early, or leaving it be for a while. I'd get quotes. I plan working for some time yet as I've quite a number of years is an 'average salary' scheme and two of the pensions are the usual type. I'm lucky I've got two good schemes, and two normal ones, but have been paying into a pension sine I was 18 and at nearer 8-10% of my own money.
Contact the pension's company for various options.
Cheers fossy, good advice!
I'd not really considered chopping them in the last time I spoke to the providers. I'm concerned that at some point that they are not worth much it will cost more to service them than I'll receive from the providers investments. I should probably look at moving them to one of the larger pots.
Our mortgage is almost paid off, I'd considered taking out a smaller mortgage to pay for the property, and pay that repayments with the income from the holiday let. The release of the some of my pensions would just cover a deposit.
Are they db or dc schemes?
What are the transfer values?
The answers will define what options you have.