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Retirement
- Thread starter Shieldsman
- Start date
BallardsBonce
Full Back
Again you are talking utter bollocks as per, I have not said that at all. Also I wasn’t judging I was asking and then you waded in all defensive. Read back engage your brain and feel free to answer the question actually asked not what you want to share.
Tuono
Winger
Exactly, you didn't NOT pay NI, none was due. Like I said earlier we all try and pay as little tax as possible, it's only natural.
You need to check with your pension provider as a lot are stipulating 2027
Mnemonic
Midfield
How on earth have you come to that conclusion? Paye pays way more tax then other systems self employed people use
Most self employed people operate as a ltd company, take £758 in salary each month to avoid paying tax or NI, then take dividends for the rest. Significantly cheaper than being officially self employed and paying tax without a limited company. In fact, you'd need to be very stupid not to have a ltd company.
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BallardsBonce
Full Back
Agree and I was trying to. But cans and tax dodging seems a heady mix. Back on track now
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Barista
Midfield
I did similar when I was the director of my own Ltd company for around 10yrs.
Made my SIPP contributions directly from the Ltd company account so avoided corp tax on those.
Other benefits of taking minimum wage were that I came under the earnings cap for child benefit so we still got that.
When I went back to being a headcount employee I put my Ltd company into voluntary liquidation, and could take out all the remaining company money for only 10% corp tax (it actually worked out less than 10% as could also offset with CGT/dividend allowances).
iirc, to stop people doing this just to get the 10% tax advantage, you can’t set up another Ltd company for several years afterwards.
The 10yrs of having my own Ltd Co. (and doing salary sacrifice when I was headcount) certainly allowed me to retire a few years earlier than otherwise.
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Petesafc
Central Defender
Just about to take all my pension as draw down so we can enjoy next 4 years until I get state pension and my wife’s NHS pension and then state pension kicks in. I’ve had enough ,working from 16 to 62 is long enough , going to far too many funerals for people younger than me, but everyone different
Tuono
Winger
And quite right, I haven't got a clue why I said that apart from it being 12:11am and I was well pissed at the time.
I also need to apologise to @BallardsBonce because I got him confused with someone else I was debating furlough/NI contributions with.
More nonsense will be spouted on Friday night because I'm out on the beer from 5pm.
Mnemonic
Midfield
Love the response- respect mate!And quite right, I haven't got a clue why I said that apart from it being 12:11am and I was well pissed at the time.
I also need to apologise to @BallardsBonce because I got him confused with someone else I was debating furlough/NI contributions with.
More nonsense will be spouted on Friday night because I'm out on the beer from 5pm.
Not sure how they can take it off you if you are already drawing it
My wife is having to buy additional years NI so she will get her full pension. Have you got enough years in the NI?
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Keyser Soze
Striker
Definitely worth doing mate. We did it years ago so had a proper plan to where we should be putting our cash over the years.
It's allowing us to retire earlier than we thought which is all good
DaveH
Striker
That is what could be interesting, or if they change the penalties. On paper, unless there is a clause, then could say I’m less than 10 years off retirement so no longer qualify, of ifI were say 61, they could apply a 9 year penalty rather than the 6 year penalty, which is a difference of 9-10%.
I guess it depends on the company and if they think they are legally covered.
This is all hypothetical anyway. This is only if a future government increases the retirement age and only if they do it within a certain window of my life and only if people 10 years off retirement are not protected from the changes.
Shambo
Striker
Exactly the plan i am hoping to get from seeing in IFA (now booked in next Tuesday with one)
I have always just put in the amount my company will max match and then not thought about it anymore. Recently pushed that up further and now looking to make whatever changes I can to not have to work to 65.
Retiring as close to 55 as possible is the dream.
Keyser Soze
Striker
Did exactly the same mate in maxing the last few years into the pension/ISA's etc - meaning I'll be leaving towards the end of this year as i hit 57
Good luck
How do you find a good ifa.
I signed up with the government pension wise thing and they put me in touch with someone at teeside.
I was going to be charged 3k for him to put some figures in a software package for him to tell me whether I can retire at 60 or not (all my pensions are final/salary or dB so not reallyy that complicated.
It was then extra for him to begin giving me investment advice for an additional which is probably the but I want at that minute.
I signed up with the government pension wise thing and they put me in touch with someone at teeside.
I was going to be charged 3k for him to put some figures in a software package for him to tell me whether I can retire at 60 or not (all my pensions are final/salary or dB so not reallyy that complicated.
It was then extra for him to begin giving me investment advice for an additional which is probably the but I want at that minute.
Shambo
Striker
Probably a silly question but did upping your pension contributions in the final few years make a really big difference as to what age you got to retire?Did exactly the same mate in maxing the last few years into the pension/ISA's etc - meaning I'll be leaving towards the end of this year as i hit 57
Good luck
My dad hated work and couldn't wait to retire. Finally retired and then had a stroke 6 months later and was never able to fully look after himself. Fuck that. I am never having that situation happen to me. Its all about making sure I am working towards something now so I can get out of work as early as possible.
Charlestonian
Striker
I’ve just been reading a study about the impact stress has on you in your 50s, I’m not sure I want to be ploughing through high pressure IT deliveries as I knock on, it’s hard enough now in my late 30s, mortgage should be done by 55, I’m hoping to pack in by 58 at the latest, but we’ll see.
How much does an 80 year old spend in a month ? Usually mortgage free ,picking up your free bits and pieces . Yeah you get the odd globetrotter but lots are happy with a little routineStatistically you need to be budgeting for the expectation that you’ll be around well into your mid-to-late 80s.
That's kind of me . Never day never but I have the lump in draw down and a few post of savings and sipps bubbling away . Few more things will drop around 65 and 67 and just be canny as a go . Beats working. State of mind ,mental health and overall outlook is hard to price .
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