Ok. Well I am 57 years old and I have a pension fund.
My pension is invested in shares and as you know at the moment shares are at an all time low, but I need 拢8000 quick.
I can not afford to take out bank loans, in fact the thought of borrowing money is repulsive to me.
My question is, do you think the recession will turn in the near future, should I leave my pension or should I cash it in and get the money I need.
I know it is an impossible question to answer, but I really would appreciate your views. You see I need the money so badly that I don't know if I am being reasonable or not.
Please if you do answer, speak in layman's terms.
Thank you in anticipation.I need advice on personal pension, please?
You see I need the money so badly ...
How badly is that then? For a lung transplant? Life-saving treatment? For something that will ensure you survive to cash it in?
The thing is- if you cash in your pension fund it will likely yield a lot more than 拢8000. The trouble is what to do with the rest of it- because annuities (which is what you would need to buy to generate a pension from your fund) are at a cataclysmic low right now, and likely to remain so for at least another 18 months. If you buy one now while they are low your pension will always be low and your pension won't go up when the annuities recover. There is a big debate about this on www.thisismoney.
If you can just take out the 拢8000 and leave the rest in shares I would do that (I would, seriously, because that's the amount I need too!) and shares are recovering daily now. If you are allowed to choose which shares to cash in (unlikely, but I thought I would ask) then list them here and we will vote on them for you!I need advice on personal pension, please?
I think you need to seek professional help on this. Go with the advice of an registered Independent Financial Adviser not strangers online!
sorry boss gordon has all of your money
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