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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 1813
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I have been awarded a pension from my late husbands army

Customer Question

I have been awarded a pension from my late husbands army pension that he never reached retirement age. it is a tax free lump sum of £10,577.64 and a sum of £28,448.34.that they want to know how I want to take.. as a lump sum or as a pension paying at the rate of £1599.12 per anum or taxable lump sum of £28,448.34. what is best to do to maximise my own retirement in 3 years I am 63.
I have equity on the house of £100,00 and have to pay back a interest only mortgage of £115,00 in 4 years when mortgage completes..
Submitted: 12 months ago.
Category: Finance
Expert:  Jim1079 replied 12 months ago.
Hello, thanks for the question.The annual sum would only net you £133 per month and I presume you would also qualify for the state pension yourself so you would have that.Alternatively the lump sum could be invested and you should achieve interest every month on that.Will the equity in the house be wiped out due to having to pay the interest only mortgage?
Customer: replied 12 months ago.
The house has been valued over £200,00 so I won't lose equity. I need to decide what to do about house and pensions. Don't have enough to remortgage.
Expert:  Jim1079 replied 12 months ago.
Thank you - it would be more a question for a financial advisor to answer for you. I will opt out so that you can seek advice from a non-lawyer who can do that for you
Expert:  Nicola-mod replied 12 months ago.
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!