Saturday, July 13, 2019
Forced to return to work after retirement - Hustler Daily Thumbs Up - July 13
Hello fellow Encore Hustlers.
The UK has a pension system that allows for lump sum cash withdrawals, up to 25% can be taken out tax free. Over half a million pensioners take advantage of this option. It turns out that the temptation to have access to this cash, combined with poor financial planning, has lead to a quarter of those who did this having the need to return to work.
While the cash was not necessarily spend on high living, often it was used to pay down debt, the resulting lower monthly pension checks often means looking for some sort of employment to cover the shortfall.
Check out this story from the UK Mirror for more details.