If you are wondering “can you take out your money before retirement” then you will have a couple of other things on your mind as well. Legally, you are more than allowed to start withdrawing money from your pension when you reach the age of 55 but not every single scheme out there will let you do this. You may need to transfer your funds to another scheme
and there is a possibility
that you may incur a fee for
doing this, but there are options
available if you aren’t sure. Can you
take out your money before retirement ?
There is some confusion about this key question, you can take
money before you retire, but if you are under 55 you may face a
huge tax bill that will go against you….
If you want to take money out of your pension early then you will most certainly receive less money overall. It will be legal for you to take your money out at this stage but you need to decide whether or not it will compromise your investment because the last thing you want is to leave yourself with less money than you need for your retirement. With the new rules from 2015, you now have more choices than ever when it comes to accessing your pension so it is a good idea for you to assess your options. You can get your pension unlocked as well but this is only available for certain people and you do need to be in a very specific circumstance in order to do this as well.
For example, if you are in ill health then this can reduce the time you need to wait to access your pension but it is always a good idea to talk to your pension advisor about this if you are not sure about something or if you want to find out more about your pension and your retirement in general so keep this in mind as well for the long run.
After reading our website you may still be considering or asking yourself: can you take out your money before retirement ? if you would like further help or guidance about this feel free to get in touch with us.