took the leap

[SpokeyDokey]

well, at 64, scheduled to retire at 66, we have calculated we can survive ok ish on state pension plus her pension (combined should give us circa £450 a week) plus a small amount from my current employers pension.

I have an old works pension that last year had £55k in it, no contributions since I left, it grows and shrinks with the vagaries of pensions performance.
Last year, £55k
This year £44k, this is of course a very small amount in pensions terms. and a big drop in the pot.
Just looked at it 3 months later...£41k
Been considering drawdown, advise from my wife's former pension manager and informal advice elsewhere seems to be in favour of drawdown, and my logic is....
A poorly performing plan, shrinking by the day, losing money hand over fist.
The next year seems extraordinarily uncertain for the financial markets, lots of opinion there will be a recession.
Convert 25% to cash and at least start earning a bit of welcome interest on it.
I'm 64, I don't see markets recovering anytime soon, certainly not going to recover my losses in the next 2 years by staying in so might as well bail out now.
That £44k gave me a less than £40 week pension, its already dropped significantly in 3 months and will probably continue to do so.
We don't have much outgoings, no mortgage or rent, car is paid for.

Going for it...opinions ?

You should be seeing signs of improvement now.

May not last but there are early signs that inflation is back-tracking in the US.

Also, let's see how the markets react to the big Gov' announcement next week.

 

[gbb]

You should be seeing signs of improvement now.

May not last but there are early signs that inflation is back-tracking in the US.

Also, let's see how the markets react to the big Gov' announcement next week.

And you're correct, it has risen from £38 to £41k which is a little mind settling.

As stated above, as it made ever increasing losses just as we were strongly considering drawdown, we had already decided to leave it alone.
Its also easy to think, well its only £30 or £40 a month, not worth worrying about. (Hence considering drawdown) ..but that £30 or £40 might be very welcome once a month for a treat or something come retirement.
I always say, no black or white, no right or wrong, you make a decision and live with it, you never know what the outcome will eventually be ? That's in the lap of the gods.