State Pension Prediction Q

[Audrey]

I took the 25% cash element of my private pensions when I went Ireland.

Bought a handful of greyhounds with it, built kennels and had a great laugh. Made no money, but loved every minute of it.

Surely, that’s what life should be all about!

[Samdy Gray]

Well take the lump in April and you’re fucked for a year for the difference if you’ve been stung for 40% and you’re realistically on a 20% banding.

You can claim back overpaid tax straight away using a P53 or P55 depending on the circumstance.

I took my final salary pension out at 55 and reinvested into a private pension.

You mean you transferred it. Again, not something that should be done lightly, you're giving up guaranteed income in exchange for uncertainty. I'm sure you must've taken advice unless the transfer value was <£30k.

[Samdy Gray]

I know I must sound like a right boring cunt knowing the ins and outs of pensions.

But they are just a means to an end, not an end in themself. So if like Audrey you want to take the money and spunk it on greyhounds / whores / coke, good for you.

My job is to make sure people can do that, pay the least amount of tax possible, hopefully provide some peace of mind, and minimise the risk of outliving your money.

[newmarket red]

I took the 25% cash element of my private pensions when I went Ireland.

Bought a handful of greyhounds with it, built kennels and had a great laugh. Made no money, but loved every minute of it.

Surely, that’s what life should be all about!

you spent your whole life working hard  why shouldnt you injoy it good on you.

[Batch]

I know I must sound like a right boring cunt knowing the ins and outs of pensions.

Only until you get over 50, then you start thinking hard about what position you are in should you make it out that decade alive!

Of course its extremely difficult to do a damn thing once you realise, and working to 67 (68) will be your future.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Be surprised if i make it to state pension. Retirement age will be about 80 by then.

[Jimmy Quinn]

You can claim back overpaid tax straight away using a P53 or P55 depending on the circumstance.

You mean you transferred it. Again, not something that should be done lightly, you're giving up guaranteed income in exchange for uncertainty. I'm sure you must've taken advice unless the transfer value was <£30k.

Yes I transferred it after taking financial advise. I think we discussed privately a couple of years ago and you knew the local company that I use. As you would be aware I can lower the investment risk when I choose to draw down plus I didn’t like the thought of losing 50% of my pension when I eventually pass away.

[Audrey]

you spent your whole life working hard  why shouldnt you injoy it good on you.

Don’t know about the ‘whole life’ bit as I jacked in work when I was 50!

Had 20 good years on top - so far!

[Samdy Gray]

Only until you get over 50, then you start thinking hard about what position you are in should you make it out that decade alive!

Of course its extremely difficult to do a damn thing once you realise, and working to 67 (68) will be your future.

Not necessarily. You've just described most people who enquire with us after having the "oh shit" moment in their fifties. There's always time to do something.

[Nemo]

Prompted me to check my pension pot. Been working full time for a decade, never opted out of anything and my pension pot is about three quarters of a year's salary. Not worth that much as annuity, that much in total.

So that's good.

[TheDukeOfBanbury]

Now retired.
Been paying into pensions since 16.
Took a 25% tax free amount from a Final Salary scheme and made sure the annual income is under the tax allowance thus pay no tax.
Private pensions doing ok and won’t touch them to 3 years and have worked on a low risk 3% annual growth.
Mortgage paid off which is the game changer and an asset that can be downsized anytime.

State pension 67 thus build a bridge until that time.

Any young ones - make sure you invest into decent pensions. Find a decent pension advisor and check out growth history of investments.
Make use of Tax free ISA’s.
Time is invaluable.
Doing a part time job I love. I get paid doing a hobby and don’t pay tax.

Retirement is an adjustment. Make sure you have a purpose, hobbies etc because you suddenly have time. Losing friends makes you realise. My job was stressful and I don’t miss the Corporate bollocks and a job that was killing me.

[Audrey]

I’m enjoying morphing into a grumpy old twat.

[Batch]

Not necessarily. You've just described most people who enquire with us after having the "oh shit" moment in their fifties. There's always time to do something.

Interesting. I'll keep that in mind.

[Hitchinred]

Not necessarily. You've just described most people who enquire with us after having the "oh shit" moment in their fifties. There's always time to do something.

As I was lucky enough to be in a final salary scheme, from 50 I started paying in substantial AVCs so that I now have enough to cover the tax free lump sum and keep the full monthly payment. Worth considering if you are in a final salary scheme and have spare cash.