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Retirement

Fletch said:
People who have a SIPP, likes of vanguard …
Missus has a small pension and S&S ISA , do you pay your quarterly fees to the provider by direct debit or let them sell some of your fund to cover the costs ?
Never know which is best ?
Cheers
Click to expand...
Either. I’ve done both but now use DD. Don’t overthink things.
 

Fletch said:
People who have a SIPP, likes of vanguard …
Missus has a small pension and S&S ISA , do you pay your quarterly fees to the provider by direct debit or let them sell some of your fund to cover the costs ?
Never know which is best ?
Cheers
Click to expand...

Im with vanguard & I used to just have enough in cash holding account to cover it, but they've stopped that now, and just do quarterly DD instead
 
Just an update on my situation, as been on here few times. So got to my 55th in feb and started the ball rolling taking my tax free 25% from 7 frozen pensions. One was no bother, some of the others had to be transferred to drawdowns. The fat orange fkrs antics in the end cost me about 3 grand. But have left all of the taxable portion untouched. Also worth mentioning if anyone has a NEST pension, they dont let you take the 25% in one go.
I was planning on a semi retirement about now but went back to a previous job i had but now have never been busier. Its amazing though when you get the chance to potentially retire you start to worry if you will have enough to live on when previously i had stated i would live off the bare mininum as long as it got me retired 😁
 
JOEJA said:
Just an update on my situation, as been on here few times. So got to my 55th in feb and started the ball rolling taking my tax free 25% from 7 frozen pensions. One was no bother, some of the others had to be transferred to drawdowns. The fat orange fkrs antics in the end cost me about 3 grand. But have left all of the taxable portion untouched. Also worth mentioning if anyone has a NEST pension, they dont let you take the 25% in one go.
I was planning on a semi retirement about now but went back to a previous job i had but now have never been busier. Its amazing though when you get the chance to potentially retire you start to worry if you will have enough to live on when previously i had stated i would live off the bare mininum as long as it got me retired 😁
Click to expand...
In the same boat really. I feel like I could go but be much happier once the middle east situation settles down. You don't have to take all of your 25%'s in one go. I have a mix of Final salary and pension pot. The FS stuff is hardly much less if I take it 2 years earlier as is the Mrs's pensions. Feel like its nearly time.
 
i8playoffs said:
In the same boat really. I feel like I could go but be much happier once the middle east situation settles down. You don't have to take all of your 25%'s in one go. I have a mix of Final salary and pension pot. The FS stuff is hardly much less if I take it 2 years earlier as is the Mrs's pensions. Feel like its nearly time.
Click to expand...
Yep the problem with the nest one is if you want any of the tax free part out it is only 25% tax free of the amount you take the rest would be taxed at your normal tax rate, so for anyone on a higher tax bracket you get hammered. I have basically had to leave it alone. Seems strange how the NEST Defined Contribution is different to most other DC ones where you can take all the tax free bit in one go. Not something i was aware of prior.
 
Fletch said:
People who have a SIPP, likes of vanguard …
Missus has a small pension and S&S ISA , do you pay your quarterly fees to the provider by direct debit or let them sell some of your fund to cover the costs ?
Never know which is best ?
Cheers
Click to expand...

Probably doesn't make much difference

I was previously with HL which sold units to pay fees (unless you had a cash float) but recently moved to Interactive Investor which does a monthly flat rate fee by direct debit (£14.99/month for over £100k). I prefer this more transparent fixed pricing as with HL it was percentage based.
 
englishman abroad said:
Just did the numbers
Be mortgage free, no car to pay for
The missus & me should have about 120k per annun in pension & income, plus 650k in investments, 600k in property & probably draw on 30k a year of that for holidays etc.

I'm done in less than a year, my missus in 18 months, can't wait
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Well bloody done!
 
For anyone not aware from
April 27 , any pension left when you die (doesn’t include spouse) will be hit by 40% inheritance tax, and then likely hit by income tax
 
Fletch said:
For anyone not aware from
April 27 , any pension left when you die (doesn’t include spouse) will be hit by 40% inheritance tax, and then likely hit by income tax
Click to expand...

Aye, this change has tipped my folks and the in laws over the IHT limits so their respective Grandbairns are getting spoilt rotten.
 
Fletch said:
agree

if you are (most hopefully live past 75) you're better off gifting your children over number of years while still alive
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Aye if married and with kids still need over £1m in assets to be liable for IHT, need to live for 7 years after gifting as well to avoid IHT
 
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