When is the best time to take your pension?

[Grant]

When would you say is the best time to take your pension? I am still young and am still letting my pension grow, but I was wondering, when is the best time to collect your pension? I was going to wait until I retire. Should I retire at 65 or retire a bit early? I hear the earlier you retire, the smaller your pension will be. Is this true?

 

[Patrik]

it really depends on you and when you'll feel that you have worked enough, there's no specific age for that, you can retire at any age, the issue with the pension schedule, some people feel dead when retiring since they got nothing else to do because they are used to work

 

[Sariana23]

It would be good to collect a pension when you are in good health, I think it is the best time, but for government workers there are laws that must be observed. In fact, that information is true, if you obtain your retirement before completing the years of service, the monthly payment percentage decreases, depending on the remaining years. If you comply they give you 100% of the salary, otherwise it goes down to 80% or less

 

[btaliat]

When would you say is the best time to take your pension? I am still young and am still letting my pension grow, but I was wondering, when is the best time to collect your pension? I was going to wait until I retire. Should I retire at 65 or retire a bit early? I hear the earlier you retire, the smaller your pension will be. Is this true?

It depends on you and the organisation you work with. But it is better to collect it when you retire so that you can plan with it. If you collect it now, you may even exhaust it before retirement.

 

[Alexandoy]

I am against early retirement because most of the people I know who were (forced) retired at age 55 have nothing to do. It is so hard to be idle and no work. Worse, the pension is valid only at age 60 so that is really foolish for some companies to retire their employee at a young age. My take on retirement is 65 years old. By that time the worker can have a good retirement pay and also a good monthly pension. He is still strong, hopefully has no sickness yet, so he can enjoy life.

 

[gammarays]

I think the best time to collect your pension is when you're retired. It'll enable you save more and have more than enough. It's better if you can have access to your pensions or direct your pension fund manager to invest it for your earlier. Compound and reinvest your profit so you'll get more value by the time you retire.

 

[Sincerem]

That is your decision, your decision alone, nobody should decide when you should bow out of retirement. You will only retire when the average service has elapse. Unless you want to terminate your contract with the government to retire earlier.

 

[Tariq Shehzad]

The best time to take your pension is at end of your job and retirement. After your retirement you can start your own business with your pension. In this way you can start your new job after retiring an old job.

 

[Damismiling]

I believe this is a personal decision, but as for me I would rather collect it as soon as it is due and ready, then after I can invest into a short time investment and make little profit from it

 

[Abibatabosede]

If I have my way, I would prefer to have my pension immediately after the retirement, because I must have had some plan on what I will be engaging in after service,so been able to receive the pension immediately Will help a lot.

 

[Nosheen Rakhshandha]

At young age we have many other methods to earn .The best time of pension is the age of retirement because at that age our energy levels are nor that much high so this pension means alot at that time. Maximum old people depend upon their pension

 

[Richard92]

The best time to take your pension is when you are dew for it or after your retirement. You can be qualified for pension and your time for retirement has not elapsed. This is because, retirement time is different from pension time. When you have worked for more than 20years, if anything happens and you decide to retire, you can be paid pension. However the stapulated time for retirement is after 35 years of service.

 

[chicnthin]

It really differs per person and the decision will be decided by yourself. There are cases that pension is enough for the daily expenses. So if you think you have enough savings to support the monthly pension and you're ready to not work anymore, then you can retire. It really depends on the situation.

 

[Mrs. Rizwan]

When would you say is the best time to take your pension? I am still young and am still letting my pension grow, but I was wondering, when is the best time to collect your pension? I was going to wait until I retire. Should I retire at 65 or retire a bit early? I hear the earlier you retire, the smaller your pension will be. Is this true?

The best time to take a pension is when the job is taken out of retirement and starting a suitable business with the amount of pension so that the rest of the life can be spent comfortably. And the pension comes only from the government institutions and only after the completion of a given period. And there are other government institutions that do not pay all the pension money at the same time after retirement, but the institution pays the pension at the end of every month or three months... In pakistan the retirement period is 60 years... When people retired , their pensions are fixed.

 

[Asad Ali]

I think when you want to retire, you have to set your business plan before you retire.If you retire without any planning, you will not be able to avail this pension, you have to retire with some work in mind.For example, if you plan to set up a wholesale shop, invest your pension in it

 

[Nurudeen]

Pensions is always meant for the old people. However, I don't know how it's been run in your own country, right in my own country you can have access to your pension if you are yet to retire from government job after using 36 years in service working for the government.

 

[Sammyesx]

Every organisation has there own retirement plan, am not sure if you will get your pension if you retire before the stipulated age, but why hurry? The pension is supposed to serve you after retirement, so wait till then, when you might not have the physical strength to work anymore.

 

[Vladv26]

I don't know about you but personally I think 65 sounds way way to late in order to get your pension out. What are you going to do after 65 years old? Not saying you can't do anything but your options are limited then

 

[Highflyer]

Although taking pension distributions early can help if you're in a financial pinch, it reduces your overall benefits as well, so it's important to get the full picture before you begin withdrawing funds.Typically that's 65, though many pension plans allow you to start collecting early retirement benefits as early as age 55.

 

[Nicklas22]

Carefully choosing when to take your pension can significantly reduce your risk of running out of money. An analysis of when to start your pension income can be quite similar to analyzing when to start your Social Security benefits. Both pensions and Social Security offer guaranteed income for life. Additionally, pensions usually offer a choice that allows for continued income for a spouse, and Social Security offers survivor income as well.But taking the reduced pension at age 55 helps meet the demands of their kids' education costs and outweighs the benefits of taking the full pension at age 65.