- November 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Neurological Condition, Separation, and Financial Decisions
Facing a neurological condition that has left me disabled, I am currently navigating a difficult separation while also needing to buy out my partner. The situation has been overwhelming, and I am seeking the best financial solution in the midst of these challenges.
Financial Considerations and Options
The possibility of remortgaging with additional funds has surfaced as a potential solution, but I am concerned about the implications. With current interest rates, this would result in doubling my mortgage payment, creating a significant financial burden. Instead, I am considering allowing my mortgage to run its duration at my current low rates for the next three years (1.54%).
On top of this, I have a small pension pot of 80k and have been approved to take it early due to my medical condition. I am contemplating taking a 25% tax-free lump sum now and considering taking the remaining 75% in the next tax year. Additionally, I am exploring the possibility of borrowing 60k from a family member for the buyout, intending to repay it next year using my pension funds.
The Dilemma and AI Legalese Decoder’s Help
I am torn about this decision, as I have always been advised to refrain from touching my pension and instead allow it to grow over time. However, I recognize the potential benefits of utilizing these funds now to alleviate my current financial strain. This approach could significantly reduce my monthly payments and interest charges in the short term, providing me with breathing space to focus on my health and recovery before starting anew.
In navigating these complex financial and legal decisions, AI Legalese Decoder would be invaluable by offering guidance on the legal implications of tapping into my pension early, potential tax consequences, and the best course of action for borrowing funds from a family member. By utilizing this tool, I can make informed decisions to secure my financial well-being during this challenging period.
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1. How old are you now?
2. Does this condition mean that your life expectancy is reduced?
3. What is your current employment situation? (Salary, years until expected retirement)
4. Are you on or expecting to receive any benefits?
It depends on a lot of factors, some of which have already been mentioned.
Others thatÔÇÖs are relevant:
– Is this your only private pension provision?
– If yes, how do you plan on funding your actual retirement, or is that less of a consideration due to medical prognosis?
– Can you continue to work and re-build some of your provision?
– Is there a reason youÔÇÖre not looking to sell the property and downsize to something more within your budget?
A pension is, first and foremost, for the purpose of funding retirement but there can be circumstances where it makes sense to use it in the way youÔÇÖre considering.
I know itÔÇÖs not a popular option to all, but I would greatly encourage you to consider taking financial advice. If the cost is prohibitive, approach your employer and see if theyÔÇÖd be willing to fund this for you to help you make the right decision given your vulnerable state of health and personal situation (honestly lay on thick about your vulnerable position, get them feeling that sense of responsibility ƒæîƒÅ╝). An adviser could not only help you assess your overall situation and whether using your pension is appropriate but also, if decided yes itÔÇÖs appropriate, the best way HOW to go about it when considering tax etc.
Can you still work alongside this condition? Have you had a look at access to work? If not have you applied for any benefits?
If you are able it would be more tax efficient to withdraw the remaining 75% over multiple tax years
[deleted]
While obvious when reading the words a point of clarity, is the partner a non-married partner ie. no risk of a pension sharing order reducing your pension?
Hi /u/Responsible-Pay102, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/lump-sum/
– https://ukpersonal.finance/pensions/
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