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Retirement


GingerNick said:
After retirement at 61 I was offered work that continued to give me extra travel opportunities, used to go to South America, Brazil and Uruguay), Southern Africa, Malta, Mauritius and Japan to name a few countries and get lots of spare time to have a good root around plus had nice holidays with my wife. At 68 decided I'd had enough of travel plus my wife doesn't enjoy flying so now home birds. Also set up my own consultancy which I still do a bit and includes some travel occasionally. I'd be quite happy to never see an airport of airplane again. Each to their own. As long as you can cover your bills and afford to live plus have your health what more do you want
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Fair play if you still working into your late 60’s thats some going, you must of enjoyed your job, hope you have a good retirement when you decide to finally finish 👍
Guitar Man said:
A few of my mates valuations are down 20 to 30k over the last 3 years .
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CETV have a number of factors one been how much your company want you out of the pension scheme so they can make your pot very attractive.
I was told there were big drops in pension pot value during covid which recovered very quickly, sure there will be many more over the years but over a long period of time ie 20 to 30 years these investments make money sure they have averaged around 4% over numerous years. All i will be worried about is getting my monthly wedge and hopefully until i too old to be bothered
let the investors take care of the pot the better it does the more they earn
Example if you have 1 million pot and it makes 4% thats £40k per year which can virtually be tax free for a good few years if you have left in ur 25% easily enough to live a great retirement especially when you are mortgage free, and in theory your pot wont go down so whatever’s left when u die goes to your family
 
ChrisK said:
Fair play if you still working into your late 60’s thats some going, you must of enjoyed your job, hope you have a good retirement when you decide to finally finish 👍

CETV have a number of factors one been how much your company want you out of the pension scheme so they can make your pot very attractive.
I was told there were big drops in pension pot value during covid which recovered very quickly, sure there will be many more over the years but over a long period of time ie 20 to 30 years these investments make money sure they have averaged around 4% over numerous years. All i will be worried about is getting my monthly wedge and hopefully until i too old to be bothered
let the investors take care of the pot the better it does the more they earn
Example if you have 1 million pot and it makes 4% thats £40k per year which can virtually be tax free for a good few years if you have left in ur 25% easily enough to live a great retirement especially when you are mortgage free, and in theory your pot wont go down so whatever’s left when u die goes to your family
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How can 40k a year be virtually tax free ? I thought you were taxed on any earnings over 12.5k ??
So you would be taxed on 27.5k ?
Or am i having a blonde moment and i'm missing something ?
 
Guitar Man said:
How can 40k a year be virtually tax free ? I thought you were taxed on any earnings over 12.5k ??
So you would be taxed on 27.5k ?
Or am i having a blonde moment and i'm missing something ?
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1 million pound cetv pot is not unusual for say
lads at Nissan with 30 years service
You have option to take 25% tax free
If you dont take this out and leave it
you can use this tax allowance on your draw down so first 12k is your normal allowance.
Then the next 28k can come out of ur 400k tax free pot so a good 14 years tax free draw down
 
Ned Land said:
We had a week in the Norfolk broads a while back, our accommodation was in sight of a river so in the evening we’d watch them go by from our decking.

One night a boat broke down, I took a cuppa over to the bloke as he looked a bit miffed off.

It turned out that he was sailing it home straight from buying it, there was a lot of black smoke.

It’s apparently a well known fact that buying a boat is an easy way to lose money.
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Second best day of your life when you buy a boat
 
Hair Flick said:
Boats are an even bigger money pit than cars.

Great fun but they’ll eat your money, do a little belch then demand more.
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There’s a saying amongst folk who had boats
The happiest days are when you buy a boat and then sell the boat.
Edit already been said 😀
 
ChrisK said:
1 million pound cetv pot is not unusual for say
lads at Nissan with 30 years service
You have option to take 25% tax free
If you dont take this out and leave it
you can use this tax allowance on your draw down so first 12k is your normal allowance.
Then the next 28k can come out of ur 400k tax free pot so a good 14 years tax free draw down
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Cheers i never knew you could do that .
So instead of taking 25% out of a million pound 250k tax free you can leave it in and draw each year however much you want and it will be tax free until over the years you eventually hit the 250k mark.. then you would be dropped down to be taxed on anything over 12k.
Is that correct ?
I was a bit confused with your 25% of 1 mill and you come to 400k tax free ???
Or am i missing something again ?
(By the way my pots nowhere near that.)
 
Hair Flick said:
Boats are an even bigger money pit than cars.

Great fun but they’ll eat your money, do a little belch then demand more.
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The wife’s cousin was a qantas pilot. He packed it in after covid. Bought a catamaran online which was in Ecuador. Sailed it back to Oz over the Pacific.
Decided they liked it, sold their house and are now “live aboards” sailing up and down the east coast of Oz anchoring in different locations for weeks at a time.

You need to really like fish for that lifestyle though
 
Guitar Man said:
Cheers i never knew you could do that .
So instead of taking 25% out of a million pound 250k tax free you can leave it in and draw each year however much you want and it will be tax free until over the years you eventually hit the 250k mark.. then you would be dropped down to be taxed on anything over 12k.
Is that correct ?
I was a bit confused with your 25% of 1 mill and you come to 400k tax free ???
Or am i missing something again ?
(By the way my pots nowhere near that.)
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Yeah thats what i been told only draw the 25% if you need too pay off debts or beed money asap best option is to drawdown virtually tax free for as long as possible
my bad 25 % would or course be 250k 👍
 
Guitar Man said:
Cheers i never knew you could do that .
So instead of taking 25% out of a million pound 250k tax free you can leave it in and draw each year however much you want and it will be tax free until over the years you eventually hit the 250k mark.. then you would be dropped down to be taxed on anything over 12k.
Is that correct ?
I was a bit confused with your 25% of 1 mill and you come to 400k tax free ???
Or am i missing something again ?
(By the way my pots nowhere near that.)
Click to expand...
Doesn't work quite like that. Have a look at one of my earlier posts I put a link up to Chris Bourne and he explains it
 
elder said:
The wife’s cousin was a qantas pilot. He packed it in after covid. Bought a catamaran online which was in Ecuador. Sailed it back to Oz over the Pacific.
Decided they liked it, sold their house and are now “live aboards” sailing up and down the east coast of Oz anchoring in different locations for weeks at a time.

You need to really like fish for that lifestyle though
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Doesn’t feel quite the same here. “We are thinking about putting in at Grimsby for a few day”, just doesn’t do it for me.
 
Matt Hopkins said:
Doesn't work quite like that. Have a look at one of my earlier posts I put a link up to Chris Bourne and he explains it
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Good video and CB explains it well.
Pretty much exactly the same info as the FA i spoke to at True Potential, you just tell them what you need on a monthly basis and they manage ur pot in a tax efficient way for you.
 
ChrisK said:
Good video and CB explains it well.
Pretty much exactly the same info as the FA i spoke to at True Potential, you just tell them what you need on a monthly basis and they manage ur pot in a tax efficient way for you.
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Aye uses blocks so you don't have to work out 25% of £1,000,000 is not £400,000 ;)👍
 
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