When is the best time to take your pension?

[Bousine123]

When ever you feel the need to. Depending on the country you reside or have worked for, it's pretty hard to get pension until they say you can.

 

[Toyoabasi]

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 choice on when to withdraw your pension lies with you.
One important thing is this: get a pension plan early. This will help you accumulate more money withing the time of your active service.

 

[Mayox25]

In my country there are retirement age for people so it is not up to them to determine when they will retire except they want to voluntarily retire before that age. In the civil service the retirement age is 60years or when you have spent 35years in service.

 

[Dagm1]

When you're retired, I believe it's preferable to receive your pension. You'll be able to save more and have more than enough as a result of it. It's preferable if you can access your pension funds or order your pension fund management to invest them for you sooner rather than later. Compound and reinvest your profits to increase the value of your assets by the time you retire.

 

[Toyoabasi]

When you are sure that you need money, and you definitely have plans to generate more money with your retirements savings then you can go ahead and withdraw

I think if you are a government worker, you cannot take out your pension until you're retired. It is more flexible in the private sector, you can discuss terms with your company whenever you're willing to withdraw your pensions.

 

[greenie]

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

 

[HayKay]

It's better to see out your working period to ensure you get the full benefits of your pension funds. Asides the fact that it'll be smaller, you might not always have the luxury of taking it out - some companies wouldn't pay out till you achieve a minimum.

 

[tyrim88]

That is definitell true,one of the reason one is motivaed to keep his pension plan very active,is because of the accumulated benefits that continuing would make the beneficiary to get at the end of the day.

 

[frederick_9]

Nobody else should choose when you should come out of retirement; that is your decision and your decision alone. Once you've clocked up the required amount of service, you can retire. Unless you want to end your agreement with the government to take an early retirement.

 

[tyrim88]

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

There are laws that partain to how you will get your pension,but the little experience i have about working with a private organisation is that you are given what is due you based on the years you have put in.

 

[Alisco]

I don't know wether every country have different pension scheme but in my country Nigeria,the only time to start receiving pension is only when you are retired as a civil servant who worked 35 year in service.

 

[Genie01]

There is no specific time to take your pension. It largely depends on the nature of your preparedness. That is why it is good to make a great plan on how you are going to retire.