7 Reasons To Take Your Pension Tax-Free Cash ASAP

Comments · 1.3K

• JA

  @JamesShack · 5 months ago · pinned

  Getting serious about your retirement planning? I can help → <a href="https://go.novawm.com/yt/aalC1FXFFQQ">https://go.novawm.com/yt/aalC1FXFFQQ</a>

• BI

  @BibTheBoulderTheOriginalOne · 1 year ago

  I took my 25% tax free lump sum and bought a Rolls Royce Ghost. I ran it for 12 months, then sold it for the same price I bought it for. What a 12 months it was. You only live once....

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• AN

  @andrewlindsay8557 · 1 year ago

  I took my tax free amount at 55 . Reason 1 &nbsp;I&apos;m alive. Reason 2 before this government takes it .

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• ST

  @stu4843 · 1 year ago

  They could not make it more complicated if they tried. Quite remarkable.

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• DR

  @drunkmonk123 · 1 year ago

  Unfortunately the only vegetables I&apos;m aware of are the ones making the decisions in parliament.

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• GT

  @GT380man · 1 year ago (edited)

  I expect my entire pension pot to be legally stolen from me, during retirement. <br>Both SIPP and corporate pensions.<br>So I’ve taken the maximum amounts that didn’t trigger additional rate tax and converted it into hard assets. Harder to steal.

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• TI

  @tillybobs2 · 1 year ago

  Taxed in earnings, taxed in spending, taxed in buying.taxed in saving, taxed in dying. ..would tax fresh air if they could,

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• PE

  @peterb2272 · 1 year ago (edited)

  I spent my working life with a clear plan to maximise my pension and not touch it until I have to, and what I don&apos;t use goes to my kids tax free. &nbsp;And that was exactly what the plan was a year ago in agreement with my financial advisor.<br>Not any more, I&apos;ve just taken my tax free lump sum.<br>I went through all the pros and cons with my financial advisor who pretty much said the same as you.<br>However my decision came down to your reason no.5. &nbsp; The fact that I cant trust the Government enough to commit to long term plans any more.<br>Cash in my hands now is better than having it taxed later.

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• JO

  @jonathanavis6577 · 1 year ago

  I’m also a Financial Planner and your greenhouse analogy is a brilliant, simple and accessible to anyone to make sense of tax wrappers like pensions and ISAs. I will absolutely be using that with clients.

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• AR

  @artovnoyes8479 · 1 year ago

  I never thought I would take any tax-free cash from my pension but decided to take the full 25% this week. I&apos;ll get my full ISA allowance for 24/25 and 25/26 plus go to part time work. Not tax efficient but probably lifestyle efficient!

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• MO

  @molocouk · 1 year ago

  James - as always a calm, level-headed voice of reason in an increasingly crazy world. Thanks for this.

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• WI

  @wizzyno1566 · 1 year ago (edited)

  <a href="https://www.youtube.com/watch?v=aalC1FXFFQQ&amp;t=1039">17:19</a> This is like working extra healthy years so you can pay for care home fees - which i&apos;ve seen one very daft financial adviser advise. (The advice was so ridiculous even he realised it and took it off youtube in the end). But the fact is he was serious so dont think that just because you&apos;re a pension adviser that you dont get things wrong. <br><br>The simple fact is that money has time value, especially in retirement, and you may be better off spending a pound when you&apos;re 65 and healthy than saving it until you&apos;re 90 and physically broken. So theres nothing wrong with front loading your pension so you get more in your healthy years and less when you&apos;re older.

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