Also a good idea to have a look at your state pension forecast and find out if you are on track for a full state pension. As I finished work early (56) I've been paying voluntary class 3 National Insurance contributions to bump up my (eventual) state pension weekly amount. Mrs D (now self employed) has been paying class 2 NICs in order to do the same. You can backdate voluntary NICs, too. Currently class 3 is about £780/year. Do the maths and see how much longer you would need to live in order to get your money back and more. You will probably need to pay tax on state plus private pension so, as stated above, drawdown over several years, from a private pension pot is best, to avoid paying (too much) tax.Originally Posted by Michael Morris
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