Stop work at 55

[RobertV]

Hi.

A question for you financial experts...

I have had SCA2 for over 5 years now and things are getting slowly (thankfully!) more difficult. So I am being forced to consider retiring at 55. I'm not sure about the following...

Can I at age 55...

Give up work AND

Continue to get PIP (presumably until state pension age when it becomes Attendance Allowance ?) AND

Make a new claim for ESA (again presumably until state pension age) AND

Start to drawdown my personal pension ?

(I don't want to retire at 55 but will have to (not sure I can do another 5 years at work TBH - I am now 50)) so I need to start figuring out how I will afford it).

Cheers.

[geneticallygeneric]

I'm not an expert but you should definitely be able to continue getting PIP as PIP is not income-based and anyone with a disability/long-standing health-problem can get it regardless of their work situation.

ESA however, might be more tricky as it's income-based.

[Capricorn9157]

Without knowing your full situation it would be difficult be able to offer any info. I suggest you contact someone who can advise you on your benefit options, maybe Citizens Advice or the like (BUT beware, there are plenty of people who will give advice - not necessarily correct - and want a fee).

As to your pension, again I suggest you speak to your financial advisor or Pension provider. My thoughts are; Why lose 10 years investment if you dont need to?. If you start taking your pension at 55 (which I believe you can) it will be classed as income and potentially affect any benefits.

GOOD LUCK

[Tiggywinkles]

I would go to Citizen Advice to find out what you are able to claim and also if you do make any claim ask them for help filling out the forms. They helped me and knew how to answer the questions in the right way - I would not have said things the way they did - which meant I was eligible for PIP. Planning for 5 years away may not be realistic, no-one knows how their symptoms will progress. Look at how you will be financially if you need to finish working sooner than when you are able to take your pension at 55. Best of luck with whatever you do!