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Retirement

Ned Land said:
You could transfer old work pensions into a self invested pension (SIPP) then buy whichever funds are available.

BUT I am not an expert and I think that you have to take financial advice if the pension assets to be moved are over £30k.
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Sound cheers, it’s 3 former pensions I’ve just put together, it’s just over £30k.
 

JAZZMANB said:
I think they'll just do it in house deduct at source like a payslip . It's just a calculation, no asking anyone ,they have the info already
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That would be the sensible thing to do but it wouldn't surprise me if people who have no other taxable income get a form to fill in
Iamme said:
Transfer your pension in to whatever you want. If your over 55 it's your money. I retired at 50.

My works pension 120 grand will be paying my wages to myself for 10 years. Until I'm 65. Without having to touch my savings.

I pay myself 7 grand a year. And still don't use all of that. Until I'm 55 out my savings.

Last 5 months I spent 1800 quid on living.

People say you need 2500 a month to live???

What do you spend that on exactly???
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Do you live in the UK?
 
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Matt Hopkins said:
That would be the sensible thing to do but it wouldn't surprise me if people who have no other taxable income get a form to fill in

Do you live in the UK?
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Bit like sorn, it's a declaration ,even at zero ,then if you are earning more they've got you.
I'd say on principle a countries old age pension allowance should be either below the tax free amount or tax exempt .
 
Nookie Bear said:
I did this over the summer , merged 5 defined contribution pensions into a SIPP with vanguard total was about £70k - it’s gone up 11% ! Obviously it can just as easily fall again but I wish I’d done it a long time ago
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I’m 40 next year so I’m starting to think about what I’m leaving Mrs C when I inevitably die first. Super cheery but practical!
 
Ned Land said:
One of my brothers wanted to attend uni in the late 80s but our dad told him that he couldn’t afford it. My bro did study part time and ended up with an MBA.
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I guess it depended on a family’s financial circumstances.
In some ways it was actually more affordable for working class kids to go to university in those days (at least in my experience). I went in the late 80s and got a full grant from the local council as my dad had been laid off a few years earlier. There were not any tuition fees in those days and the grant covered all my accommodation and living expenses, so I graduated debt free.
If I was in the same situation now I would have to get a student loan for the 9k per year tuition fees and also a similar amount for the full maintenance grant so would have graduated owing approx. £60k.
 
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Swindon On Tour said:
A very debatable subject indeed and whilst the examples the young uns give, you can provide counter arguments for sure.
Do they think we had it easy?
Recessions, high interest rates, cycling to work in all conditions, taking shit paid jobs and not calling in sick days, home study and the fact that plenty of us boomers couldn’t afford to go to university or go on holidays.
Without generalising plenty of young uns are work shy. Never head of stress and mental health either back then as you had to get on with it.

If my lads did the graft that I did I would be proud of them. I certainly never took the easy road or had parental handouts.

Not on my soap box mate or aimed at you just the other side of the coin 🤣

Now retired and they still want money 🤣😮
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A controversial view, I know, but high interest rates were (for most) a good thing over the medium to long term. Low rates are part of what is screwing over young folk today.

Low rates do not make buying a house more affordable. They just increase the value of the house so that the buyer needs a bigger mortgage. They end up making roughly the same monthly payment.

High rates kept the value of houses in check. The high inflation that precipitates high rates also reduced the value of the mortgage and monthly payment in real terms year on year. A person stretching themselves to buy a house in year 1 could often easily afford it within a couple of years.

I appreciate that not everyone could ride out periods of high rates, particularly where rates increased sharply, and they suffered financially. But most managed it and did well over the medium / long term.

Contrast to today, house prices reflect more than a decade of historically miniscule rates. Even with mortgage rates thst would be considered low by historical standards, young people today struggle to afford houses and many older people won't be able to pay off the mortgage by the time they retire.
 
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stapler said:
A controversial view, I know, but high interest rates were (for most) a good thing over the medium to long term. Low rates are part of what is screwing over young folk today.

Low rates do not make buying a house more affordable. They just increase the value of the house so that the buyer needs a bigger mortgage. They end up making roughly the same monthly payment.

High rates kept the value of houses in check. The high inflation that precipitates high rates also reduced the value of the mortgage and monthly payment in real terms year on year. A person stretching themselves to buy a house in year 1 could often easily afford it within a couple of years.

I appreciate that not everyone could ride out periods of high rates, particularly where rates increased sharply, and they suffered financially. But most managed it and did well over the medium / long term.

Contrast to today, house prices reflect more than a decade of historically miniscule rates. Even with mortgage rates thst would be considered low by historical standards, young people today struggle to afford houses and many older people won't be able to pay off the mortgage by the time they retire.
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Good points.
High interest rates though were responsible for many young uns throwing the keys in.

I know you should not generalise but the boomer work ethic just feels a little more stronger than with these young uns.
I will say though that no complaints as I worked my bollocks off and felt rewarded.
Given the opportunity was key the rest down to the individual with plenty of shit in the way.
 
mickb2112 said:
I agree with my son who is quite vocal on the "perks" he thinks Boomers got during their working lives and now in retirement while the young have been shafted with student fees, flatlining wages and high housing costs with the prospect of retiring in their 70`s. The Triple Lock should be abolished and pension should rise in line with earnings. Why should pensioners get a 5% increase when workers get none???
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The triple lock has gone up because wages are. It’s one of the factors
 
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