Retiring

Barcon said:
I had smoked, pulled chicken poutine yesterday and a bottle of Tyskie.
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Tyskie is a nice lager been drinking it about 5 years now. One of the main reasons I wanted to visit Poland was to drink each on draft because it's only available cans in the UK. If you're feeling you want something a bit stronger go for Zubr, but don't go for too many as it can be a wrecking ball. A 4 pack and you'll know you've had a drink mate: )
 
give it to gordon said:
I dont really understand pensions I have paid into mind for 45yrs now and if I am reading it right I get about 3k a year and need to live to about 145 to get all my money back. Personally keep doing the lottery as I dont see how I can ever retire as my rent is nearly 1k a month so my pension covers about 3 months rent forget food and Bill's:(
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sky tot said:
I’m the same , I’m 55 yrs old now but not going to draw my pension till it maturity date when I’m 61 . It all baffles me , Annuities ect . I need a idiots idiots guide to pensions .
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Rather than an annuity, you can draw down on your fund
If for instance the fund is worth £300, 000, you can take 25% in a lump tax free, then draw down on the rest at whatever you deem necessary
Income before taxation is roughly £11,500
So if you jacked in work at 61, you can use the £75k for six years (call it£10k a year and you have £15k in savings) plus a draw down of £11,500 on the big pot
That's 21,500 tax free income for six years
When you reach 67 your old age pension kicks in so your looking at 20k but 8 grand taxable
225k with a drawdown of 11,500 should last at least 25 years. By the time your 86 how much disposable income will you need?

www.which.co.uk

Pension drawdown calculator - making your money last - Which?

Use our pension drawdown calculator to work out how to make your savings last throughout your retirement.
www.which.co.uk www.which.co.uk
 
dickie davies said:
Rather than an annuity, you can draw down on your fund
If for instance the fund is worth £300, 000, you can take 25% in a lump tax free, then draw down on the rest at whatever you deem necessary
Income before taxation is roughly £11,500
So if you jacked in work at 61, you can use the £75k for six years (call it£10k a year and you have £15k in savings) plus a draw down of £11,500 on the big pot
That's 21,500 tax free income for six years
When you reach 67 your old age pension kicks in so your looking at 20k but 8 grand taxable
225k with a drawdown of 11,500 should last at least 25 years. By the time your 86 how much disposable income will you need?

www.which.co.uk

Pension drawdown calculator - making your money last - Which?

Use our pension drawdown calculator to work out how to make your savings last throughout your retirement.
www.which.co.uk www.which.co.uk
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Cheers for that , don’t think I’ve anywhere near 300k I’m only a joiner .My mortgage finishes next August, if I up my £300 a month pension contributions will I incur costs ? Therefore wondering if I should use the extra money to up my Issa
 
blue moon rising said:
Haha. And now I’ve doubled my post tally in a morning. Curse you. Peace citizen.
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And your like score is creeping up. I'm flattered you have been my imposter twice pal.

I do like the thought of changing to BiscuitMarmiteRaisin. I suppose I'm a bit Marmite like, not to everyone's taste. Biscuit because I like the wacky lyrics of Half Man Half Biscuit. And Raisin because it rhymes with risin'... Ummmm.
 
Never had pension and not expecting a state one either.
Debt free and some savings under the bed. Just got a side gig that I'm gonna do for 2 years then that's it finito. Portugal Spain or norfolk for gardening. I'll be 57 and my third attempt at retiring.
 
stonerblue said:
Never had pension and not expecting a state one either.
Debt free and some savings under the bed. Just got a side gig that I'm gonna do for 2 years then that's it finito. Portugal Spain or norfolk for gardening. I'll be 57 and my third attempt at retiring.
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Put some of the cash in a SIPP for a couple of years and get a 25% return courtesy of tax relief from the government. It's free money that is being given away so take it.
 
stonerblue said:
Never had pension and not expecting a state one either.
Debt free and some savings under the bed. Just got a side gig that I'm gonna do for 2 years then that's it finito. Portugal Spain or norfolk for gardening. I'll be 57 and my third attempt at retiring.
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How are you going to settle in Portugal after December 31st?
 
sky tot said:
Cheers for that , don’t think I’ve anywhere near 300k I’m only a joiner .My mortgage finishes next August, if I up my £300 a month pension contributions will I incur costs ? Therefore wondering if I should use the extra money to up my Issa
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Speak to your IFA
Its your decision but don't forget the government "chips in" (see what did there) a further 20% to your pension contributions
I'm 57 and my target is 300k for when I get to 62, then I'm out of the work place
21/22k tax free with only household bills to pay is a lot of money

We intend to downsize the house and do long lets in Southern Europe whilst we're in good health
 
dickie davies said:
Speak to your IFA
Its your decision but don't forget the government "chips in" (see what did there) a further 20% to your pension contributions
I'm 57 and my target is 300k for when I get to 62, then I'm out of the work place
21/22k tax free with only household bills to pay is a lot of money

We intend to downsize the house and do long lets in Southern Europe whilst we're in good health
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I can rent a house near the beach in Cromer for 100 quid less than I can get for my terrace in Manchester for a month.
 
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