Retiring

[BlueMoonRisin’]

I had smoked, pulled chicken poutine yesterday and a bottle of Tyskie.

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: )

 

[dickie davies]

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:(

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 .

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?

Pension drawdown calculator - making your money last - Which?

If you’re considering pension drawdown as a way to provide your retirement income, use our pension drawdown calculator.

www.which.co.uk

 

[blue moon rising]

Apologies for commenting on a thread I FUCKING started. BMR. Re arrange this musical ditty “yourself screw go “

 

[blue b4 the moon]

Is this an internal clarkie Andy Goram type war?

 

[blue moon rising]

Definitely not. Thanks for other people’s advice or information by the way.

 

[BlueMoonRisin’]

Apologies for commenting on a thread I FUCKING started. BMR. Re arrange this musical ditty “yourself screw go “

Haha no worries pal.

I think I might PM Ric and change my name to BiscuitMarmiteRaisin, because you've nicked my fuckin' biscuit twice now and it's not Nice!

Cheeky ****.

 

[blue moon rising]

Haha. And now I’ve doubled my post tally in a morning. Curse you. Peace citizen.

 

[sky tot]

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?

Pension drawdown calculator - making your money last - Which?

If you’re considering pension drawdown as a way to provide your retirement income, use our pension drawdown calculator.

www.which.co.uk

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

 

[BlueMoonRisin’]

Haha. And now I’ve doubled my post tally in a morning. Curse you. Peace citizen.

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.

 

[Barcon]

I haven’t been this confused since clevers made an appearance.