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Take out pension now?

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  • #16
    Originally posted by ancientgimp View Post
    If you can pay on your debt with your current income I would consider letting the compound interest do some compounding on the 40,000.00. You would need an investment that keeps up with and exceeds inflation without undue risk.
    With a 5% annual return (good luck finding that these days with no risk) in 20 years that is about 108K. You can be sure that inflation will take a bite out of that so let's say generously in today's dollars that is 80K (or 4% inflation adjusted return). I don't know if that helps but those are the numbers.

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    • #17
      You might just surprise yourself on how long you have to go. I never thought as a C4 teenager I'd make it to retirement, but here I am 67 and retired. In any event I definitely agree with those who suggest seeking competent financial advice before acting.....Good Luck.
      Tom

      "Blessed are the pessimists, for they hath made backups." Exasperated 20:12

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      • #18
        I don't know Canadian laws. But I'm assuming your pension is protected from creditors. I would leave the money in the pension and see if you can file bankruptcy.

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