Pensions

Bluesince1979 said:
The pal i mentioned in a previous post eho has been obsessed with retirement and will be in 3/4 years time…
I asked him what the plan is. He said “theres always something to do round the house”. Is there? In a 3 bed semi?
Theres no plan.

Ive implored him to start getting away, buy a gaff in spain.. something!!!!
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He’s not wrong my wife is always finding shit to do, but he does need to do something, I got dogs and walk a hell of a lot, just got a van to go further afield next year.
 
Millwallawayveteran1988 said:
With hindsight, having a child at the age of 42 is something I would have avoided. I am running around like a blue arsed fly at the age of almost 57 with a stroppy teenage girl giving me loads of lip. Not good! I have had the parent issue too but my mum died a few years ago. My FIL is poorly now though with Parkinso/Dementia so my wife has it but she went part time last year which has eased things a little. It is hard though. Life is just non stop all the time!
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Its circumstances of life though isnt it.

I bought my first house for £60k and was married at 25. Had a son who is 25 now.
That mortgage would be paid off and the house worth £350k but it wouldve been a thoroughly miserable marriage.

So married again and have a 13 and 10 year old and im 51. Had to pretty much start again with a mortgage etc so retirement is a way away for some considerable years.

But … im a million times happier than i was 25 years ago.

Funny, on our first ever date with my current mrs , she asked if i want kids again! Most men wouldve ran off at high speed but her point was, if i dont want anymore and happy with the one ive had, then im no good to her

Women are always ahead of the game
 
hampshireblue said:
Well done for making provision. How are you being punished? Saving into a personal pension does cost the Government in terms of tax relief given. That relief is around £50bn per year, the majority of which goes to the higher paid.
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Well first priority was to make sure we don’t burden our children and grandchildren with caring for us. Second priority is to leave something for them when we go, not to Rachel Reeves to pay highly paid union members and public sector gold plate pensions.
 
Bournemouth Blue said:
Well first priority was to make sure we don’t burden our children and grandchildren with caring for us. Second priority is to leave something for them when we go, not to Rachel Reeves to pay highly paid union members and public sector gold plate pensions.
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So you've made a provision to ensure any care you need is paid for. Great. But in the process you have benefitted from the state helping you with tax relief. That relief is money sucked out of the economy. When does it get put back in? The very point of a pension is to to look after yourself.

I find the last sentence quite bizarre. How about it helping decent pensions for all no matter what their occupation or going towards your grandkid's education or benefits for them when AI takes their jobs , or the NHS.

None of us like paying tax but it's a function of having a modern, developed society, that at some stage in our lives every single one of us turns to in one way or another.

Oh, by the way, many union mambers do it volutarily, I did, and without the work they do, you wouldn't have the modern terms and conditions that most employers provide. But that's a debate for another thread.
 
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Bluesince1979 said:
The pal i mentioned in a previous post eho has been obsessed with retirement and will be in 3/4 years time…
I asked him what the plan is. He said “theres always something to do round the house”. Is there? In a 3 bed semi?
Theres no plan.

Ive implored him to start getting away, buy a gaff in spain.. something!!!!
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For me that is the issue. I could retire early but if I can't afford to do anything what's the point.

The aim for me is to semi retire and just have a low stress job that funds my hobbies and holidays. If I can do that in my late 50s then great.
 
Bournemouth Blue said:
Well first priority was to make sure we don’t burden our children and grandchildren with caring for us. Second priority is to leave something for them when we go, not to Rachel Reeves to pay highly paid union members and public sector gold plate pensions.
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What a sour distorted view you have.
You are a Sad man really.
 
Gareth Barry Conlon said:
For me that is the issue. I could retire early but if I can't afford to do anything what's the point.

The aim for me is to semi retire and just have a low stress job that funds my hobbies and holidays. If I can do that in my late 50s then great.
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That's where I am but as I love my foreign holidays, that semi-retirement will be 61-63 for me.
 
hampshireblue said:
So you've made a provision to ensure any care you need is paid for. Great. But in the process you have benefitted from the state helping you with tax relief. That relief is money sucked out of the economy. When does it get put back in? The very point of a pension is to to look after yourself.

I find the last sentence quite bizarre. How about it helping decent pensions for all no matter what their occupation or going towards your grandkid's education or benefits for them when AI takes their jobs , or the NHS.

None of us like paying tax but it's a function of having a modern, developed society, that at some stage in our lives every single one of us turns to in one way or another.

Oh, by the way, many union mambers do it volutarily, I did, and without the work thy do, you wouldn't have the modern terms and conditions that most employers provide. But that's a debate for another thread.
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He’s just a bitter jealous prick
 
Bournemouth Blue said:
Well first priority was to make sure we don’t burden our children and grandchildren with caring for us. Second priority is to leave something for them when we go, not to Rachel Reeves to pay highly paid union members and public sector gold plate pensions.
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I’d like to thank you for my gold plated pension for serving my country and community for over 35 years, my choice by the way and it seems the right one, on the other hand it seems your life choices have left you bitter and twisted you never did the same.
 
Gareth Barry Conlon said:
For me that is the issue. I could retire early but if I can't afford to do anything what's the point.

The aim for me is to semi retire and just have a low stress job that funds my hobbies and holidays. If I can do that in my late 50s then great.
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Same with me. Although my job is physical i can just slow it down.

If i have enough £ for a couple of pints here n there, city season ticket and a few hols/short breaks, it will cover my current hobbies

My 10 year old son has promised me he’ll be a millionaire so i dont have to worry really
 
denislawsbackheel said:
He’s just a bitter jealous prick
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That feels a bit harsh. He's done the right thing to try and make sure he and his Mrs are not a burden and should be applauded for that. I think he's just very naive in not realising that he had benefitted from the very system that he is keen to protect any of his remaining money from. I think in that respect many of us are the same. But to then have a go at individual groups who, in the main exist to make people lives better, is a bit stupid.
 
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Bluesince1979 said:
Same with me. Although my job is physical i can just slow it down.

If i have enough £ for a couple of pints here n there, city season ticket and a few hols/short breaks, it will cover my current hobbies

My 10 year old son has promised me he’ll be a millionaire so i dont have to worry really
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I can guarantee that he will be a millionaire. I might be a millionaire as well the way inflation and investment returns are going. The question is when not if. And how much a match day ticket and half time pint costs.
 
Gareth Barry Conlon said:
I can guarantee that he will be a millionaire. I might be a millionaire as well the way inflation and investment returns are going. The question is when not if. And how much a match day ticket and half time pint costs.
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You probably are already if you add up everything you have. Equity in your house, any pensions, savings, other investments, if you have a DB pension its value is roughly 20 times whatever you are paid per year.

Being a millionaire and being a liquid millionaire however are two very different things. The former is just numbers, the latter is where you actually feel wealthy.

Bear in mind that the average person according to the ONS (2020 figures) earns around £566k in a lifetime so adjusted for inflation its probably nearer £600k now. So £1m in liquid assets is nearly double the average lifetime earnings and thats before tax
 
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denislawsbackheel said:
You can give as much as you want to anyone free of any tax but there might be inheritance tax issues for your estate if
a) you are rich enough to be bothered by it
b) you live less than 7 years.

You can give your wife anything you want and it’s hers to do with as she pleases.
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I am afraid you cannot give as much as you like free of any tax. If you gift an asset to anyone other than your spouse the gift is deemed to be at full market value.
The donor is then liable for capital gains tax on the difference between original cost and market value at the date of the gift.
Of course this doesn’t apply to a gift of your principal private residence but that comes with its own separate tax consequences if you continue to live within it, under gifts with reservation legislation.
 
Kompany Car said:
You probably are already if you add up everything you have. Equity in your house, any pensions, savings, other investments, if you have a DB pension its value is roughly 20 times whatever you are paid per year.

Being a millionaire and being a liquid millionaire however are two very different things. The former is just numbers, the latter is where you actually feel wealthy.

Bear in mind that the average person according to the ONS (2020 figures) earns around £566k in a lifetime so adjusted for inflation its probably nearer £600k now. So £1m in liquid assets is nearly double the average lifetime earnings and thats before tax
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I suppose it is how you define liquid.
True liquidity would be cash and I would suspect there are very few millionaires leave their wealth in cash assets to get a feel good factor as cash is soon depleted by inflation.
Having a Rolls Royce on the drive would make you feel wealthy but if it is on lease or hp in reality wealth may not be the case.
I once read that if a Rolls or a Bentley was parked in the Chairman’s spot and there were fancy plants in reception it was the first sign to an insolvency expert that the company was in financial difficulties
 
halfmist said:
I am afraid you cannot give as much as you like free of any tax. If you gift an asset to anyone other than your spouse the gift is deemed to be at full market value.
The donor is then liable for capital gains tax on the difference between original cost and market value at the date of the gift.
Of course this doesn’t apply to a gift of your principal private residence but that comes with its own separate tax consequences if you continue to live within it, under gifts with reservation legislation.
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The question was about money.
I answered about money.
Your post is factually correct but irrelevant.
 
denislawsbackheel said:
The question was about money.
I answered about money.
Your post is factually correct but irrelevant.
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Now now don’t get arsey. If you actually read back your post you say and I quote “ you can giveaway as much as you like free of any tax”. That is not the case and I was merely pointing it out.
 
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