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Retirement

Matt Hopkins said:
So people who have a SP of say £20k would get it all tax free if its pointless the govt giving you money then taking it back?
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Because of Serps I have paid tax on my SP for the last two years, out of next years 4.7% rise £112 wil go back in tax but the remaining amount is better than a kick in the teeth.If they keep the Allowance frozen at £12570 all full new SP holders will pay tax in 2027/28.
 

I retired 13 years ago. We're comfortable but not rich. Moved abroad. Invested in a bond the day before Covid hit, then we had Ukraine, Trump .it is only now limping towards what we put in 6 years ago.This week we've had the car needing replacing while we are in the middle of transferring the ownership of our home from a gib based company to our selves at a cost of 23k (unmarried couples couldnt fully inherit under Spanish law when we bought the place) my laptop has gone dumpf and the dishwasher has all of a sudden done the same thing. What l am learning is that it would have been best to invest into two seperate pots. One for exigencies such as we are facing and another solely for ring fenced capital to provide (hopefully,) passive income. The point is pyschologically drawing down capital in later years is stressful. Shouldnt be ,theres no pockets in a shroud, but it does feel regretful. Hope this makes sense.
 
DaveH said:
My gran and grandad had very little trust of anything or anyone, including financial establishments, which is odd as he was an insurance person for one of the big companies at the time. I think it was life insurance.

We found his war medals were through the gap in the floorboards under the kitchen sink where the waste pipe went through the floor and pushed along a bit. Apparently he did mention that once which is why my mam looked. I did some redecorating work for them and found a bag of cash behind a wardrobe when I move it. I think there might have been something else under a floorboard too when they cleared the house.

Nothing had been done to the house for decades, so the person who bought it did a full refurb. It would not surprise me if one or two of the builders had a very lucky day.
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We bought a bungalow a couple of years ago and found £400 in a cupboard under newspaper that had been missed by the house clearance people. I think it was a tax avoidance thing as opposed to a lack of trust as he has a market garden . Old £20 notes had to go to the bank and I bet there were more than what we found
 
cornish mackem said:
We bought a bungalow a couple of years ago and found £400 in a cupboard under newspaper that had been missed by the house clearance people. I think it was a tax avoidance thing as opposed to a lack of trust as he has a market garden . Old £20 notes had to go to the bank and I bet there were more than what we found
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Found £500 in an envelope behind my Grannies wardrobe when she went into a home 30+ years ago.
 
Kobayashi said:
Yes, got a call from my 80yr old mother when she got hers, worried the bailiffs would be at the door. Never been in debt in her life and HMRC tell her she owes them. Got a bit of a shock she did, "what did I do wrong?"
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My 90 year mam has just been through the same. She got a letter from the tax man saying that she owed about £150. Rang me in panic thinking that they were going to take her to court.

The letter didn't help by telling her to pay online through her taxpayer account. How is a 90 year old who struggles with a TV remote control supposed to do that?
 
Paddy O'Dors said:
Retiring at 50 so you can just exist for the next 25 years is canny sad imho.
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It depends if you currently merely exist at work.

Having the freedom and time is the difference even with less money.
faith brothers said:
Found £500 in an envelope behind my Grannies wardrobe when she went into a home 30+ years ago.
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Found some bars of gold under a floorboard after I bought a house from a war veteran. The decorating in the house was hideous, we had to repaint throughout.
 
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Ned Land said:
It depends if you currently merely exist at work.

Having the freedom and time is the difference even with less money.

Found some bars of gold under a floorboard after I bought a house from a war veteran. The decorating in the house was hideous, we had to repaint throughout.
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Going to work at least gives you a bit purpose and money to pay for things outside of work to live a bit.
 
Paddy O'Dors said:
Going to work at least gives you a bit purpose and money to pay for things outside of work to live a bit.
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I don't advertise but do a some consultancy work, apart from the extra tax I pay, last year paid for Durham CCC membership for us both my SAFC SC and 5* hotel in London for play off final plus a new car amongst other things. Also keeps me active and as a bonus I enjoy it. Since 2011 I have never worked more than 90 days a year and hours that by and large suit me.
 
42 said:
Problem with these comparisons is that other countries have nationalised workplace schemes which get counted as state pension, when its not really for comparison purposes. Frances absolute basic state pension is lower than ours, but always shown higher because of other stuff added. The other thing is the one with better pensions also pay more in tax, but then people here then moan about that anarl. Can't win.
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France is in financial shite, the pension age will be increased after a lot of rioting.

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JAZZMANB said:
I went the other way ,only had tassimo coffees at home sat and sun morning before . Now I have a cup every morning and pods went up so I'm on the nescafe . Coffee machine redundant
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I bought a tassimo machine for about £25 a few years ago. The pods cost £4.50 for 8 macchiatos so I treat myself to one each day. It isn’t a cheap habit!
 
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